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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, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Australian Coal Association
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
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