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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, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
Wednesday, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
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- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Indian Energy Exchange, India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
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