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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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Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
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- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Australian Coal Association
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
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