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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, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
Tuesday, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
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- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Deloitte Consulting - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Planning Commission, India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
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