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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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Monday, 25 November 19
COAL SUPPLY BY CIL TO POWER SECTOR DROPS OVER 8 PC TO 253 MT IN APRIL-OCTOBER - PTI
Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of thi ...
Monday, 25 November 19
A 53,000DWT SHIP FIXED AT $9,500 DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY VIETNAM - BALTIC BRIEFING
Capesize
After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC averag ...
Monday, 25 November 19
KOWEPO INVITED 6.79 MILLION TONS OF (SUB)BITUMINOUS STEAM COAL BIDS
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for 6,798,000 tons of coal for 5 years ...
Friday, 22 November 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 22 November 19
FORTY PERCENT OF ADARO'S COAL SALES VOLUME IN 9M19 GOES TO THE SOUTHEAST ASIA REGION
PT Adaro Energy Tbk released its consolidated financial statements yesterday, for the nine month period, ending September 30, 2019.
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- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
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