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Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
 Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit profiles of Fitch-rated mining firms, which export most of their production, says Fitch Ratings. In any case, our ratings are based on average benchmark price forecasts that are broadly in line with the cap of USD70/tonne imposed until end-2019, and so will not be affected.
The price cap, announced last week and set to apply from mid-March, is part of the government’s strategy to ensure low prices for electricity consumers as it looks to support industrial competitiveness and household disposable incomes. It froze electricity prices charged to industrial consumers earlier in the year, preventing Perusahaan Listrik Negara (PLN), the state-owned monopoly distributor, from passing on rising costs as coal prices were pushed up by an unusually cold Chinese winter. The Indonesian coal price benchmark, Harga Batubara Acuan (HBA), has exceeded USD95/tonne since January 2018, which might have necessitated an increase in government subsidies to PLN if the price cap had not been imposed.
The new regulations will mean coal miners miss out on some of the short-term upside from high prevailing coal prices, to the extent that they sell production to the domestic market. The government sets domestic market obligations for miners to ensure they meet local demand, which prevents them from simply diverting output toward the overseas market.
That said, only around one-fifth of Indonesia’s 461 million tonnes of coal production was sold in the domestic market in 2017, which suggests any loss of revenue will be limited. Indika would be the most affected among our rated coal miners, as around 15% of its volumes are sold to the domestic power sector. GEO Energy, Golden Energy Resources, ABM Investama and PT Toba Bara sell less than 10% of volumes to the domestic power sector. Domestic market obligations are likely to increase over the medium term, as the government looks to contain production and conserve coal resources for local power needs, but a sharp rise next year is unlikely.
Coal firms will therefore continue to receive the market price for the majority of their production. As a result, their financial performance might still exceed our expectations at the start of the year, when we had forecast an average Newcastle benchmark (6000 kcal) price of USD72/tonne in 2018 and USD67/tonne in 2019. The HBA on which the regulations are based broadly reflect Newcastle prices.
The new price regime does not include a floor on prices, and so provides no benefit to the mining firms in the event of a downturn. Prices will continue to fluctuate as before if the market price drops below USD70/tonne.
The price ceiling is unlikely to have any meaningful impact on PLN’s standalone credit profile. We would have expected the government to compensate PLN for losses through subsidies if high coal prices and fixed electricity prices had caused under recoveries. PLN’s IDR of ‘BBB’ is equalised with the sovereign rating due to its very strong government linkages.
Source: Fitch Ratings
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Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
Wednesday, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
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Showing 1736 to 1740 news of total 6871 |
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- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- The University of Queensland
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