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Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
 The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Ratings says. While we expect most countries to be able to close their financing gap with the support of official creditors, liquidity pressures will remain high through the year. Export receipts will drop and external support inflows will be insufficient to stem the fall in international reserves.
Angola (B-/Stable), the Republic of Congo (CCC), Gabon (CCC), Nigeria (B/Negative) face a sharp deterioration of fiscal and external balances and increasing financing challenges due to the impact of the double shock of lower oil prices and the coronavirus pandemic, which underpinned recent downgrades. Fitch forecasts the Brent oil price at USD35/bbl in 2020 and USD45/bbl in 2021.
Sub-Saharan African oil producers entered 2020 with high debt levels and limited fiscal space. We expect them to post fiscal deficits between 4% and 6% of GDP in 2020. This assumes lower oil prices and a contraction of oil production due to maturing oil fields, low investment and OPEC+ quotas, along with a moderate impact of measures taken to stem the pandemic. Government debt will soar from already high levels and exceed 115% of GDP in Angola and Congo.
Government financing needs will rise. Shallow domestic markets in Angola, Gabon and Congo combined with weak public finance management for the latter two could put liquidity under stress and could threaten the timely repayment of debt. However, governments are making Eurobond payments a priority containing the risk of defaults.
We still expect Angola to be able to close its funding gap with financing from external official creditors in 2020 and by drawing on funds from the sovereign wealth fund, but risks are high. Congo is particularly exposed to liquidity risk given the uncertainty surrounding the renegotiation of the oil-traders' debt and its linkages with financing. While liquidity risks have risen in Gabon, debt sustainability could remain stronger than for 'CCC' peers in our baseline scenario. Nigeria's credit profile is more resilient as the sovereign is less vulnerable to short-term financing stress due to its deeper domestic debt market.
Angola, Congo, Gabon and Nigeria's current account deficits will not be fully covered by increased external borrowing, reducing external buffers. Congo and Gabon will face acute external liquidity strain, raising pressure on the CEMAC peg to the euro, although devaluation in the near term is not our base-case scenario. Angola will face continued pressure on its already severely devalued currency, increasing the burden of external debt service. Nigeria will contend with outflows of foreign portfolio investments, which could put pressure on the peg.
Source: Fitch Ratings
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Friday, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
Thursday, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
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- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Minerals Council of Australia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
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