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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, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
Sunday, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
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- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
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