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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, 16 December 15
MARKET INSIGHT - KATERINA RESTIS
On Friday 4th of December the meeting of OPEC was held in Vienna, Austria. Since its last meeting, oil and product stock levels have continued to r ...
Tuesday, 15 December 15
THE GOVERNMENT DECLARED THERMAL COAL BENCHMARK PRICE CRASHING ONCE AGAIN
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price down to below 2009 level. HBA has slumped by 1.69% mo ...
Tuesday, 15 December 15
API 5 FOB NEWCASTLE COAL SWAP FIRM W-W; WEAK M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $.13 per ton (0.35%) month over month to US$ 37.07 per ton. The swap w ...
Monday, 14 December 15
5000 GAR CS (I) COAL INDEX DECLINE US$ 0.04 PER TON W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.04 per ton (-0.10 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 14 December 15
CFR SOUTH CHINA COAL SWAP IS STILL SLIDING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 0.93(2.18%) per ton month over month.
A commodity swap ...
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- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
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- Bangladesh Power Developement Board
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- Goldman Sachs - Singapore
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- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
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- Eastern Energy - Thailand
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- Siam City Cement PLC, Thailand
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- Economic Council, Georgia
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- Bhoruka Overseas - Indonesia
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- White Energy Company Limited
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- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
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- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
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- Baramulti Group, Indonesia
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- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
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