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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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Monday, 26 August 13
CARRIAGE OF COAL CARGOES FROM KALIMANTAN, INDONESIA - WEST OF ENGLAND P&I CLUB
The Club has recently been advised by consulting scientists and engineers Dr J H Burgoyne and Partners (International) Limited that the number of in ...
Sunday, 25 August 13
API 8 CFR SOUTH CHINA COAL: HEADING TO NORTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery US$ 2.39 up month on month. The swap was moved positive ...
Sunday, 25 August 13
THE FREIGHT MARKET S7 & S8 SECTOR IS EXPECTED TO BE STEADY/FIRM NEXT WEEK - VISTAAR
COALspot.com - The freight market continued to be firm with all indices moved positive except for Panamax which was slightly down (2 pct down).
T ...
Friday, 23 August 13
US PRODUCED MORE COAL WEEK ON WEEK - EIA
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.80 million short tons (mmst) of ...
Thursday, 22 August 13
PANAMAX : PERIOD MARKET IS STILL BEING LED BY STRONGER SENTIMENT IN THE FFA'S - FEARNRESEARCH
Handy
This week started slowly as expected. Indo biz now rate APS around 7k +60k to china and around 8k+80k to India. However, there are some ships ...
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Showing 4151 to 4155 news of total 6871 |
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- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- PTC India Limited - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
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