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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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Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
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- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Ministry of Mines - Canada
- MS Steel International - UAE
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- VISA Power Limited - India
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