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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
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