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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
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