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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, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate ...
Monday, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
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- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
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