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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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- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
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