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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, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
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- CNBM International Corporation - China
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- The University of Queensland
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
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