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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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Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
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- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
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