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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, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
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