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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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Wednesday, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
Monday, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
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- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Coalindo Energy - Indonesia
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