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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Australian Coal Association
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
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