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