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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, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing ...
Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
Capesize
The Capesize market managed to find a floor and rally a little this week after several weeks of declines. While the West Australia to ...
Friday, 11 October 19
INDIAN MINERS REJECT PLAN TO LINK NATIONAL COAL INDEX TO FOREIGN PRICES - REUTERS
India’s miners are rejecting a government proposal to establish a national coal index that would be linked to international prices, documents ...
Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Friday, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
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Showing 1316 to 1320 news of total 6871 |
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- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Vedanta Resources Plc - India
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