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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, 15 October 15
Q1' 16 FOB RICHARDS BAY COAL SWAP ADVANCED 2 PER CENT WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gain week over week and declined month over month.
The Q4 swap was dow ...
Tuesday, 13 October 15
DRY BULK SHIPPING FLEET NET EXPANSION WAS 1.3% DURING THIRD QUARTER, BUT ORDERBOOK REDUCED TO 17% OF THE TRADING FLEET
If the dry bulk market is to rebound on a sustainable level, it needs to limit the tonnage expansion, at least until demand picks up again, as Chin ...
Tuesday, 13 October 15
FOB NEWCASTLE COAL SWAP DECLINED 2 PER CENT MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.46 per ton (1.08%) month over month to US$ 42.17 per ton. The ...
Monday, 12 October 15
CFR SOUTH CHINA COAL SWAPS GAIN W-W; SLIGHTLY DOWN M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 3 (0.06 %) per ton month over month.
A commodity ...
Monday, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
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- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Thai Mozambique Logistica
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Petron Corporation, Philippines
- The University of Queensland
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Parliament of New Zealand
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
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