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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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Wednesday, 21 August 13
DRY BULK SHIPPING - POSITIVE WINDOW FOR CAPESIZE OWNERS - PETER SAND
By: Peter Sand, Chief Shipping Analyst, BIMCO
Demand:
“Expect the unexpected from the dry bulk market” was what we wrote last time ar ...
Wednesday, 21 August 13
RATES FOR CAPES MOVED DECISIVELY NORTH THIS WEEK - INTERMODAL
COALspot.com - Right when the BDI seemed ready for another dive below the 1000 points level, the Dry Bulk market made significant comeback this week ...
Tuesday, 20 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS FALL 19.15 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 19.15 per cent week on week to 2.39 million mt f ...
Tuesday, 20 August 13
CAPESIZE RATES MORE SENSITIVE TO DEMAND - COMMODORE RESEARCH & CONSULTANCY
COALspot.com : Approximately 71.50 million tons of iron ore is now stockpiled at Chinese ports, 900,000 tons (-1%) less than a week ago, Commodore R ...
Sunday, 18 August 13
SUB-BIT FOB INDONESIA COAL SWAP : ON POSITIVE DIRECTION ON DAY, WEEK AND MONTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery US$ 1.83 up month on month. The swap was moved positive ...
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Showing 4156 to 4160 news of total 6871 |
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- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
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