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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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Tuesday, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
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- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Planning Commission, India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- The University of Queensland
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
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