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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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Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 07 December 19
SOUTH AFRICAN COAL PRICE SURGE, WHILE OTHERS LANGUISH, IS TROUBLING - REUTERS
Coal prices around the world are gently sliding as demand from top importers such as China, India and even Europe remains subdued amid a so far mil ...
Saturday, 07 December 19
SUPRAMAX: OVERALL, THE BALTIC SUPRAMAX INDEX REMAINED IN POSITIVE MODE, DESPITE SOME AREAS LACKING FRESH ACTIVITY - BALTIC BRIEFING
Capesize
This week the Capesize market maintained healthy earnings, as an end of year surge took the Capesize 5TC back up to $25,202 by mid-wee ...
Friday, 06 December 19
INDONESIA COAL BENCHMARK PRICE FOR DECEMBER INCREASES BY US 3 CENTS MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 December 19
IMO 2020 IS ABOUT TO GET REAL - GAVIN THOMPSON
As I write this edition of the APAC Energy Buzz from my desk in Singapore I can see ships. Lots of ships. No surprise given that Singapore is among ...
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- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
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