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Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
 Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs amid lower commodity prices.
Mining companies continue to move operations in-house, renegotiate service contracts to reduce value or scope, extend payment terms and limit further exploration as they seek to minimise costs and restore profitability. This directly impacts the work contracted to mining services companies, either squeezing margins, delaying cash inflows or reducing the pipeline of work available.
The decision last week by Fortescue Metals Group Limited not to renew its contract with Downer EDI Limited, as its moves to an owner-operator model at its Christmas Creek mines, highlights this trend. Fortescue had also reduced the scope of the contract in February 2015. In addition, Rio Tinto Ltd announced last week that it was extending its supplier payment terms to 90 days from 45 days for contracts greater than USD3m, and to 60 days for contracts under this threshold. Other solutions over the past year include Atlas Iron announcing a profit sharing arrangement linked to iron ore prices with its contractors to address the impact of price volatility on its returns.
Fitch expects mining service companies with limited operations outside the resources sector to be more affected by the mining companies' actions because they have fewer opportunities to replace lost revenues. Fitch downgraded Emeco Holding Limited's Issuer Default Rating by two notches to 'B-' in September 2015, which reflected the impact of the prolonged weakness in global commodity markets on its profitability, cash flows and scale. The recent insolvencies of Civil Australia Holdings and WDS Ltd. continue to highlight the increasing challenges smaller mining service companies face in this new environment.
Larger and more diversified engineering firms, such as Downer, are likely to be less affected by the miners' actions. Their exposure to other sectors, including infrastructure and civil sectors, allows them to mitigate any loss of mining services revenue.
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Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
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- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
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