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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
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