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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - 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, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
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