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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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Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
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- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- The University of Queensland
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
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