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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, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
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- ICICI Bank Limited - India
- Deloitte Consulting - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Planning Commission, India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
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