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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, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
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Showing 1386 to 1390 news of total 6871 |
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- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- PTC India Limited - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- The University of Queensland
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- London Commodity Brokers - England
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
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