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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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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
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