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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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Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
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- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Planning Commission, India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Australian Coal Association
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
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