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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Australian Coal Association
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
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