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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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Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
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- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Planning Commission, India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- The University of Queensland
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
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