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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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Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
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Showing 1391 to 1395 news of total 6871 |
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- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
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