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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Australian Coal Association
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- White Energy Company Limited
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
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