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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, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
Wednesday, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
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- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Australian Coal Association
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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