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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
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