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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, 22 July 19
SUPRAMAX: THE ASIAN ARENA SAW INCREASED ACTIVITY AND STRONGER NUMBERS BEING CONCLUDED; INDONESIAN ROUNDS REMAINED FIRM - BALTIC BRIEFING
Capesize
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow. The Ca ...
Thursday, 18 July 19
WORLD TRADE IN HARD COAL ROSE BY 4.7% IN 2018 - GERMANY COAL IMPORTERS ASSOCIATION
World Trade in Hard Coal Rose by 4.7% in 2018
Hard Coal Can Prevent Stress in the Electric Power System in Germany
• Sharp decl ...
Wednesday, 17 July 19
MARKET INSIGHT - INTERMODAL
The Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets in the res ...
Tuesday, 16 July 19
KING COAL RULES IN JAPAN AS POWER UTILITIES IN THRALL TO LOW-COST FUEL - REUTERS
Japanese utilities will rely on the return of coal-fired power plants from maintenance to meet peak electricity demand this summer, highlighting th ...
Tuesday, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
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Showing 1361 to 1365 news of total 6871 |
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- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- PTC India Limited - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
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