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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, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
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- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Parliament of New Zealand
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
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