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Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
 Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weakness in rates may weigh on the financial profile of PT Buana Lintas Lautan Tbk (BULL, B+/Negative), which has around 15% of its fleet capacity earning revenue based on international spot rates.
The Baltic Dirty Tanker Index, which is made up from 12 Baltic international routes and mainly for crude oil shipping, has declined to below 500 points, from an average of 1,200 in March-April 2020, and is at its lowest since 2009. The index averaged 855 points in 2019 and around 770 points since 2009. Similarly, the Baltic Clean Tanker Index for refined fuel shipping has fallen to below 400 points from an average of around 1,305 points in April 2020.
The sharp fall in rates follows lower demand for global oil transportation with the OPEC+ alliance announcing in April 2020 an agreement to cut output by 9.7 million barrels per day (mbpd), or 10% of global output, from May 1. The group agreed in June to extend the production cut by one month through the end of July. The cut in output also resulted in a sharp rally in crude oil prices, with Brent price increasing to over USD40 per barrel (bbl) from around USD20/bbl near mid-April. Higher oil prices reduced the demand for floating storage and such tankers were freed, increasing spare capacity and pressuring rates.
Tanker demand has declined sharply since March-April, when Saudi Arabia increased its oil output ahead of the OPEC+ deal to cut production. The effect of increased oil output on tanker rates was compounded by the sharp fall in oil prices, which caused the futures curve to be in contango and incentivised oil storage on land and in tankers.
Demand for tankers is likely to improve from August with a reduction in the OPEC+ cuts to 7.7mbpd until the end of the 2020 and further to 5.8mbpd from January 2021. However, the output cut will continue weighing on tanker rates and improvement in rates is likely to be a gradual process.
Indonesian tanker operators PT Soechi Lines Tbk (B/Stable) and BULL benefit from largely stable rates in the domestic market, which is protected from foreign competition by cabotage laws and dominated by state-owned oil major PT Pertamina (Persero) (BBB/Stable) which is the main revenue driver.
However, BULL’s exposure to international rate volatility has increased this year. BULL had 24 of its 25 ships, or 93% of its fleet capacity, under standard time-charter contracts as of end-2019 while one tanker was part of a pool of ships managed by a pool operator and earned revenue based on international spot rates. The share of BULL’s fleet capacity managed by the pool operator has increased to 14% by end-2Q20 with three out of 33 ships being part of the pool. Additionally, BULL has two ships constituting 10% of its capacity under time-charter contracts with a base rate and upside if international spot rates are higher.
The company said it is seeking to switch the fleet under the pool operator to short-term time charter contracts of three to six months from September 2020 to limit the impact of the fall in tanker rates. Nonetheless, the Negative Outlook on BULL’s rating reflects risks to its financial profile from weak international rates, apart from sustained spending on fleet expansion. We estimate FFO gross leverage to increase to 3.8x in 2021, from 2.9x in 2020 (2019: 4.3x), due to lower international rates and EBITDA. We also assume BULL acquires five more ships for USD100 million in 2021.
Source: Fitch Ratings
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Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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Thursday, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
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- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Minerals Council of Australia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
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