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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, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
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Showing 1306 to 1310 news of total 6871 |
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- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
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