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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, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
Tuesday, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- ASAPP Information Group - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
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