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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
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