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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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Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
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- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Australian Coal Association
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- The University of Queensland
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- White Energy Company Limited
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
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