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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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Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
Tuesday, 26 November 19
PREPARATIONS INTENSIFY AS 1 JANUARY 2020 GLOBAL CUT IN SULPHUR IN SHIP'S FUEL OIL LOOMS: IMO
“IMO 2020” requirements for ships to cut sulphur oxide emissions enter into effect in just over one month’s time. This will signi ...
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- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
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