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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Minerals Council of Australia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- White Energy Company Limited
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
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