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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- SMC Global Power, Philippines
- Minerals Council of Australia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
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