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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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Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
Tuesday, 15 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country's Co ...
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Showing 1311 to 1315 news of total 6871 |
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- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Wilmar Investment Holdings
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
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