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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, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
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