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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, 26 September 19
INDIA INCREASES ITS ANNUAL COAL PRODUCTION BY 2.7% PER YEAR FROM 850 MILLION SHORT TONS IN 2018 TO 2 BILLION SHORT TONS BY 2050 - EIA
Worldwide coal production holds steady at about 8 billion short tons, or 160 quadrillion British thermal units (Btu), per year through 2040. Inc ...
Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms o ...
Tuesday, 24 September 19
9TH ANNUAL SUPPLY CHAIN INNOVATION SUMMIT 2019 ASIA PACIFIC
Summit: 9th Annual Supply Chain Innovation Summit 2019 Asia Pacific
Host: Ace Events
Website: http: ...
Monday, 23 September 19
SUPRAMAX: THE ASIAN ARENA IT WAS A SLOW START, BUT DEMAND INCREASED AS THE WEEK WENT ON - BALTIC BRIEFING
Capesize
The market trended down over this past week, breaking the market out of its upward trending range. While the market traded sideways at ...
Monday, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
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- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
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