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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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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
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- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
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