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Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
 Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high, even as they moderate from unprecedented levels in 2022. This should keep net leverage at manageable levels for most Fitch-rated entities, supporting adequate rating headroom.
We forecast the sector’s median EBITDA-based net leverage to remain low at 0.5x in 2023 (2022: 0.3x), underpinned by strong earnings, with coal prices staying above pre-2022 levels. Cash outlays are likely to be driven by diversification-related investments, with some miners initiating projects to move away from thermal coal amid investors’ heightened ESG concerns and tightening funding access. Nevertheless, most entities have sufficient cash buffers to support these investments. We expect capex requirements at most entities, except at PT ABM Investama Tbk (B+/Stable), to remain low, as none have major growth plans.
We also expect entities with a high accumulated cash balance to continue bond buy backs over the next 12 months, taking advantage of price discounts on their bonds to reduce debt and interest expenses. We believe the buy backs will lower refinancing requirements and improve companies’ financial flexibility amid the sector’s evolving funding access due to environmental considerations.
Source: Fitch Ratings
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
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