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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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- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
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