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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, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
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- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
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