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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
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