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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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Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
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- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- The University of Queensland
- ICICI Bank Limited - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
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