We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Sunday, 14 June 20
INDONESIAN COAL WAS STILL IN DEMAND; A 52,000-DWT SUPRAMAX FIXING DELIVERY CJK FOR A ROUND VOYAGE VIA INDONESIA AT $6,250 - BALTIC BRIEFING
Capesize
The Capesize market made new highs for the year this week after strong iron ore demand to the far east continued to develop in the mar ...
Friday, 12 June 20
CHINA CURBS COAL IMPORTS AFTER 5 MONTHS OF RECORD INFLOWS - SOURCES: REUTERS
China has stepped up customs checks for coal imports, leading to lengthy processing delays at ports, four sources familiar with the matter said, as ...
Friday, 12 June 20
COAL INDIA LIMITED SET FOR MARKETING DRIVE TO CREATE DEMAND - FINANCIAL EXPRESS
State-run miner Coal India (CIL), which is primarily focused on supplying coal to the power sector, is now reorienting its marketing to create dema ...
Friday, 12 June 20
MOODY'S REVISES BRENT OIL PRICE OUTLOOK TO $35/BARREL IN 2020 - TASS
Low oil prices are likely to exert the highest pressure on Iraq, Oman and Kuwait due to the limited space for the fiscal policy pursuit and higher ...
Thursday, 11 June 20
JAN-MAY, INDONESIA SHIPPED 175.15 MILLION TONS OF COAL TO ITS OVERSEAS BUYERS
Indonesia's coal production for the first 5 months of this year have reached 228 million tons. January – May 2020, Indonesia shipped US$ ...
|
|
|
Showing 911 to 915 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
|
| |
| |
|
