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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, 01 September 13
INDONESIA TO INDIA SPOT FREIGHT STAYS FIRM THIS WEEK - VISTAAR
COALspot.com: The freight market continued to be firm with even though the BDI and Cape index dropped by about 3 pct week on week.
The BDI was do ...
Friday, 30 August 13
US COAL PRODUCTION FELL 0.48 PERCENT WEEK ON WEEK - EIA
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.70 million short tons (mmst) of ...
Thursday, 29 August 13
HANDY: THE PACIFIC MARKET STARTED HEALTHY THIS WEEK - FEARNRESEARCH
Handy
The Pacific market started healthy this week. We have seen many bauxite, iron ore and few coal fixtures. Ships passing Singapore were able to ...
Wednesday, 28 August 13
THE BDI HAS MOVED TO LEVELS CONSIDERABLY STRONGER THAN THE BEGINNING OF THE YEAR - INTERMODAL
By George Bassakos
SnP Broker - Intermodal
We have already reached the end of August and whilst students are preparing themselves for another sc ...
Tuesday, 27 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS JUMPED 15.59 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 15.59 per cent week on week to 2.76 million mt for ...
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- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- White Energy Company Limited
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
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