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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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Sunday, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
Iron ore mining major NMDC has been allocated two coal blocks in Jharkhand for commercial mining by the Union Ministry of Coal.
Both ...
Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Australian Coal Association
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
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