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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, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
Wednesday, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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