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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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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
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