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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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Monday, 04 November 19
PANAMAX: WEAKER SENTIMENTS CONTINUED FROM LAST WEEK, WITH RATES FURTHER SOFTENING IN BOTH BASINS - BALTIC BRIEFING
Capesize
The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, t ...
Thursday, 31 October 19
U.S. COAL-FIRED POWER PLANTS SCHEDULED TO SHUT - REUTERS
U.S. power companies expect to retire or convert from coal to gas over 13,800 megawatts (MW) of coal-fired plants in 2019 after shutting over 13,30 ...
Thursday, 31 October 19
SE ASIA MAY BECOME NET FOSSIL FUEL IMPORTER IN COMING YEARS - IEA
Southeast Asia is set to become a key driver of world energy trends over the next 20 years as its energy demand grows at twice the global average, ...
Monday, 28 October 19
ULTRAMAX: ASIA RATES REMAINED UNDER PRESSURE WITH THE NORTH LACKING FRESH ENQUIRY - BALTIC BRIEFING
Capesize
The end of the week brought about a small increase in sentiment heading into a long weekend for some regions. After sustaining a drop ...
Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
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Showing 1296 to 1300 news of total 6871 |
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- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
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