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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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Tuesday, 07 January 20
CLEANER AIR IN 2020: 0.5% SULPHUR CAP FOR SHIPS ENTERS INTO FORCE WORLDWIDE - EUROPEAN COMMISSION
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and pr ...
Tuesday, 07 January 20
BHP EYES INDIA FOR COAL GROWTH AS CHINA DEMAND FLATLINES - SYDNEY MORNING HERALD
Australia’s largest miner, BHP, believes the long-term trajectory of the emerging economy of India and the acceleration of its steelmaking ou ...
Sunday, 05 January 20
BUNKER QUALITY CLAIMS IN 2020 - ISSUES TO CONSIDER - CLYDE&CO
KNOWLEDGE TO ELEVATE
In recent years the shipping industry has faced a significant number of bunker quality claims, most notably ari ...
Saturday, 04 January 20
SUPRAMAX: A 53,000DWT VESSEL FIXING DELIVERY INDONESIA TRIP TO CHINA AT $4,000 AND A 58,000DWT SHIP FIXING DELIVERY EAST KALIMANTAN TRIP TO THAILAND AT $5,500 - BALTIC BRIEFING
Capesize
The New Year started with an erosion on pre-Christmas rates as the higher low sulphur fuel costs due to IMO 2020 affected levels. From ...
Thursday, 02 January 20
DMO 2020 PRICE SET FOR ELECTRICITY SECTOR - IAN WOLLFF
On the 26th December 2019, the Minister of Energy and Mineral Resources (ESDM) issued the decree No. 261.K/30.MEM/2019 about the States needs for c ...
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Showing 1211 to 1215 news of total 6871 |
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- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Planning Commission, India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
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