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Thursday, 29 August 13
NO RATING IMPACT ON INDONESIAN ENERGY COMPANIES FROM RUPIAH DEPRECIATION - FITCH RATINGS
 Fitch Ratings says the credit profiles of rated Indonesian energy and utilities companies, including thermal coal producers, will largely remain unaffected by a weakening of the Indonesian rupiah, which has depreciated by 10% between February and August 2013.
According to Fitch's latest report, this is due to a high degree of USD-linked cash flows relative to the companies' USD-denominated liabilities and expenses, or strong linkages with and fiscal support from the state to entities that provide a public service obligation. Furthermore, many of the companies have limited near-term USD-denominated debt maturities.
PT Adaro Indonesia (BB+/Stable), PT Indika Energy Tbk (B+/Stable), and Star Energy Geothermal (B+/Stable) are insulated from the currency depreciation as their earnings are predominantly in USD. This provides a strong natural hedge to debt obligations, much of which are USD-denominated. Profit margins of thermal coal producers can benefit to an extent as some of their operating costs are rupiah-based.
The ratings of PT Pertamina Persero (Pertamina, BBB-/Stable) and PT Perusahaan Listrik Negara (PLN, BBB-/Stable) are not immediately affected as the ratings are equalised with that of the Republic of Indonesia (BBB-/Stable), owing to the strategic and operational importance of these entities to the state. Both PLN and Pertamina perform public service obligations, selling fuel and electricity below market prices for which they are compensated via a subsidy reimbursement mechanism. The weakened rupiah increases the operating costs of these two entities as raw materials - coal, gas and oil - will increase, resulting in a higher subsidy requirement from the government under the subsidy mechanism under which they operate. In the event the total subsidy requirement exceeds the approved annual budgetary allocation, Fitch believes the government will approve a higher budget to accommodate any additional amounts.
Given recent increases of certain petroleum products and the elections due in 2014, the prospect of further immediate electricity or fuel price increases may be limited. Both PLN and Pertamina have large capital expenditure requirements and the weakened rupiah will increase the outflow in local currency terms which will increase the financial leverage of these two entities than earlier forecast by Fitch. However, strong state support and ready access to funding markets underpin their liquidity profiles.
All Fitch credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link:
Http://fitchratings.com/understandingcreditratings.
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Sunday, 08 September 13
BALTIC INDEX UP ON HIGHER CAPESIZE, PANAMAX RATES
COALspot.com : The freight market continued saw one of the biggest rally last week with Cape Size taking the lead followed by Panamax.
The BDI wa ...
Friday, 06 September 13
DRY BULK MARKET REACHES NEW YEAR-HIGHS ON THE BACK OF INCREASED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been on the rise once again, but this time around any new increase of freight rates translates into new year-highs, thus bri ...
Friday, 06 September 13
US PRODUCED APPROXIMATELY 90.80 MMST OF COAL IN AUGUST
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.90 million short tons (mmst) of ...
Thursday, 05 September 13
INDONESIAN COAL EXPORTS UP BY 6.72 PERCENT IN JULY
COALspot.com: Indonesia, the world's largest multi grade coal exporter shipped 35.268* million tons of coal in July 2013. Indonesian coal exp ...
Thursday, 05 September 13
HANDY: NICKEL ORE WAS PUSHING THE FAR EAST MARKET - FEARNLEYS
Handy
Nickel Ore was pushing the Feast market, several ships were fixed from low teens to $14k. Indo/India was still supported by bauxite, while th ...
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- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
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