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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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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Australian Coal Association
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- CNBM International Corporation - China
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