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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
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