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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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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
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