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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, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
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- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
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