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Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
 Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining coal prices. Fitch has revised down its mid-cycle coal-price assumptions, and expects USD80 and USD73 for Qinghuangdao 5,500kcal/kg and Australia Newcastle 6,000kcal/kg thermal coal, respectively, in 2020 (2019E: USD86 and USD77). We expect capex intensity to remain low for the sector; however, acquisitions might pick up in 2020, leading to higher leverage. Profitability is also likely to remain low, in light of weaker coal prices.
Fitch's stable rating outlook reflects the outlook for the majority of our rated entities: PT ABM Investama Tbk (B+) and Geo Energy Resources Limited (B-) are on Negative Outlook, reflecting the entity-specific weaknesses which could be stretched further in the weaker-coal-price scenario.
According to Fitch Ratings, the impact of lower profitability on credit metrics would be partially offset by volume ramp-up by some entities, such as PT Golden Energy Mines Tbk (B+/Stable) and PT Bayan Resources Tbk (BB-/Stable), where both have adequate reserve lives similar to other bigger players such as PT Adaro Energy (BBB-/Stable) and PT Indika Energy Tbk (BB-/Stable). We expect declining reserves to remain an issue for Geo Energy, which might also trigger a put option of its bonds in the absence of any acquisition. ABM's reserve quality is also deteriorating as reserves from its key mine are likely to fully deplete in the next two to three years.
Fitch Ratings further noted that, regulatory risks remain a potential disrupting factor in Indonesia, but Fitch considers any major changes to regulation as an event risk. We believe the two rated coal-miners - Adaro and Indika - which have their Coal Contracts of Work (CCoW) expiring in 2022 and 2023, respectively, will be able to satisfy the conversion guidelines.
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Thursday, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
The Capesize market has hit new low's in the first week of the new year, with the West Australia route being fixed at USD 6.6 being ...
Wednesday, 08 January 20
WHAT IS BIMCO THINKING ABOUT 2020? - BIMCO
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by ...
Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
The Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) has set to sell 49 million tonnes of coal in 2020, a year-on-y ...
Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
A ...
Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- White Energy Company Limited
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
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