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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, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 16 May 19
SUPRAMAX: INDO/CHINA COAL RV TRADING AROUND US$ 9,000 BSS S.CHINA DELIVERY - FEARNLEYS
Capesize
This volatile segment is trying to find a clear direction from the present US$ 12,000/day earnings for standard units says Fearnleys W ...
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Showing 1396 to 1400 news of total 6871 |
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- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
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