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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, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
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