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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
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Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
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- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Minerals Council of Australia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
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