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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
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