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Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
 Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weakness in rates may weigh on the financial profile of PT Buana Lintas Lautan Tbk (BULL, B+/Negative), which has around 15% of its fleet capacity earning revenue based on international spot rates.
The Baltic Dirty Tanker Index, which is made up from 12 Baltic international routes and mainly for crude oil shipping, has declined to below 500 points, from an average of 1,200 in March-April 2020, and is at its lowest since 2009. The index averaged 855 points in 2019 and around 770 points since 2009. Similarly, the Baltic Clean Tanker Index for refined fuel shipping has fallen to below 400 points from an average of around 1,305 points in April 2020.
The sharp fall in rates follows lower demand for global oil transportation with the OPEC+ alliance announcing in April 2020 an agreement to cut output by 9.7 million barrels per day (mbpd), or 10% of global output, from May 1. The group agreed in June to extend the production cut by one month through the end of July. The cut in output also resulted in a sharp rally in crude oil prices, with Brent price increasing to over USD40 per barrel (bbl) from around USD20/bbl near mid-April. Higher oil prices reduced the demand for floating storage and such tankers were freed, increasing spare capacity and pressuring rates.
Tanker demand has declined sharply since March-April, when Saudi Arabia increased its oil output ahead of the OPEC+ deal to cut production. The effect of increased oil output on tanker rates was compounded by the sharp fall in oil prices, which caused the futures curve to be in contango and incentivised oil storage on land and in tankers.
Demand for tankers is likely to improve from August with a reduction in the OPEC+ cuts to 7.7mbpd until the end of the 2020 and further to 5.8mbpd from January 2021. However, the output cut will continue weighing on tanker rates and improvement in rates is likely to be a gradual process.
Indonesian tanker operators PT Soechi Lines Tbk (B/Stable) and BULL benefit from largely stable rates in the domestic market, which is protected from foreign competition by cabotage laws and dominated by state-owned oil major PT Pertamina (Persero) (BBB/Stable) which is the main revenue driver.
However, BULL’s exposure to international rate volatility has increased this year. BULL had 24 of its 25 ships, or 93% of its fleet capacity, under standard time-charter contracts as of end-2019 while one tanker was part of a pool of ships managed by a pool operator and earned revenue based on international spot rates. The share of BULL’s fleet capacity managed by the pool operator has increased to 14% by end-2Q20 with three out of 33 ships being part of the pool. Additionally, BULL has two ships constituting 10% of its capacity under time-charter contracts with a base rate and upside if international spot rates are higher.
The company said it is seeking to switch the fleet under the pool operator to short-term time charter contracts of three to six months from September 2020 to limit the impact of the fall in tanker rates. Nonetheless, the Negative Outlook on BULL’s rating reflects risks to its financial profile from weak international rates, apart from sustained spending on fleet expansion. We estimate FFO gross leverage to increase to 3.8x in 2021, from 2.9x in 2020 (2019: 4.3x), due to lower international rates and EBITDA. We also assume BULL acquires five more ships for USD100 million in 2021.
Source: Fitch Ratings
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Tuesday, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
Friday, 14 August 20
EIA: COAL PLANTS UNECONOMICAL IN MOST REGIONS - IEEFA
U.S. coal power generation plunged by 30 percent in the first half of 2020 off an already-depressed base, shoved out by natural gas and renewables ...
Thursday, 13 August 20
INDIA SHOULD RECORD A SLIGHT DECREASE IN THERMAL COAL IMPORTS, REACHING A VOLUME OF 167 MILLION TONS BY THE END OF 2020 - ASSOCARBONI
Regarding 2020 thermal coal imports forecasts, Vietnam’s coal imports showed a very strong growth in the first half of 2020 and it is believe ...
Thursday, 13 August 20
INDONESIA REMAINS THE LARGEST EXPORTER OF COAL IN THE WORLD - ASSOCARBONI
According to the last Assocarboni data for 2019, Indonesia remains the largest exporter in the world. Thermal coal exports have in fact reached 456 ...
Wednesday, 12 August 20
VIETNAM WAS THE PROTAGONIST OF A SIGNIFICANT INCREASE IN COAL IMPORTS IN 2019 - ASSOCARBONI
The latest Assocarboni data for 2019 also provide a detailed picture on the trend of the global coal import.
According to Assocarbon ...
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- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Australian Coal Association
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- White Energy Company Limited
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
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