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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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- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Planning Commission, India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
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