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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, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
Monday, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
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- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
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