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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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Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
Tuesday, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Thursday, 15 March 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE PAYING IN THE LOW $13K TO S. CHINA AND HIGH $13K TO NORTH IN CHINA
Supramax
More activity from USG , front hauls to Far East have settled around $25000, and to Cont around $20000. Stable gain again in Black Sea w ...
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Showing 1766 to 1770 news of total 6871 |
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- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Australian Coal Association
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Thai Mozambique Logistica
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