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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, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
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- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
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