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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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Thursday, 05 September 13
DRY BULK MARKET ON A HIGH ROLL, MAINLY THANKS TO CAPESIZE APPETITE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize owners have been rejoycing on the back of renewed optimism for the further rise in the dry bulk market's freight rates, especially when on ...
Wednesday, 04 September 13
RBCT SHIPPED 16.18 PERCENT MORE COAL IN JULY
COALspot.com - Richards Bay Coal Terminal (RBCT) is the single largest coal export terminal South African as well as in the world has shipped 6,162, ...
Wednesday, 04 September 13
SUPRAS AND HANDIES : INDONESIAN COAL CARGOES ARE SUPPORTING HEALTHY ACTIVITY LEVELS - INTERMODAL
The Dry Bulk market has pooled back a bit this week after firming for two weeks in a row. The BDI is s holding above 1,100 points and despite the sm ...
Tuesday, 03 September 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 22.93 PER CENT MORE COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 22.93 per cent week on week to 3.39 million mt for ...
Sunday, 01 September 13
COAL SWAP SHOWS MIXED TREND
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery 1.25 percent up month on month. The swap was moved posit ...
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Showing 4141 to 4145 news of total 6871 |
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- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
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