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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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Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
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- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- The University of Queensland
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
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