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Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
 Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining coal prices. Fitch has revised down its mid-cycle coal-price assumptions, and expects USD80 and USD73 for Qinghuangdao 5,500kcal/kg and Australia Newcastle 6,000kcal/kg thermal coal, respectively, in 2020 (2019E: USD86 and USD77). We expect capex intensity to remain low for the sector; however, acquisitions might pick up in 2020, leading to higher leverage. Profitability is also likely to remain low, in light of weaker coal prices.
Fitch's stable rating outlook reflects the outlook for the majority of our rated entities: PT ABM Investama Tbk (B+) and Geo Energy Resources Limited (B-) are on Negative Outlook, reflecting the entity-specific weaknesses which could be stretched further in the weaker-coal-price scenario.
According to Fitch Ratings, the impact of lower profitability on credit metrics would be partially offset by volume ramp-up by some entities, such as PT Golden Energy Mines Tbk (B+/Stable) and PT Bayan Resources Tbk (BB-/Stable), where both have adequate reserve lives similar to other bigger players such as PT Adaro Energy (BBB-/Stable) and PT Indika Energy Tbk (BB-/Stable). We expect declining reserves to remain an issue for Geo Energy, which might also trigger a put option of its bonds in the absence of any acquisition. ABM's reserve quality is also deteriorating as reserves from its key mine are likely to fully deplete in the next two to three years.
Fitch Ratings further noted that, regulatory risks remain a potential disrupting factor in Indonesia, but Fitch considers any major changes to regulation as an event risk. We believe the two rated coal-miners - Adaro and Indika - which have their Coal Contracts of Work (CCoW) expiring in 2022 and 2023, respectively, will be able to satisfy the conversion guidelines.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- The University of Queensland
- Sical Logistics Limited - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
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