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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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Friday, 10 April 15
DRY BULK MARKET'S DOWNFALL ALSO OFFER INVESTMENT BARGAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk market rates have fallen to historical lows over the past few weeks, with no clear path of recovery, at least in the near term. As such, m ...
Thursday, 09 April 15
CAPESIZE: RATES ARE STILL DISAPPOINTING - FEARNLEYS
Handy
The handy market had a stronger sentiment before the Easter holidays, but have as the bigger panamaxes seen a softening tendency this week. ...
Wednesday, 08 April 15
DRY BULK MARKET SEEMS UNABLE TO CATCH A BREAK - INTERMODAL
COALspot.com: The Dry Bulk market seems unable to catch a break these days.
According to Intermodal, following the market stabilization that p ...
Wednesday, 08 April 15
CHINA BURNS HALF OF THE WORLD'S COAL - CHRISTOPHER T. WHITTY
Intermodal Weekly Market Update
China is the world's largest consumer of coal, using more coal each year than the United States, the Europ ...
Tuesday, 07 April 15
SUB-BIT FOB INDONESIA COAL SWAP KEEPS DROPPING; DROPPED 2% W-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.44 (5.14%) ...
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- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Australian Coal Association
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
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