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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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Thursday, 03 November 22
HANDYSIZE VALUES MOVING UP IN OCTOBER, WHILE LNG VALUES SKYROCKET - VESSELSVALUE
Handysize values have increased this month across most ages, following a period of decline. Values for generic 10 year old Handysizes have moved up ...
Thursday, 03 November 22
EUROPEAN GAS SUPPLY SURPLUS, NOVEMBER HBA DOWN TO US$ 308.2 PER TON - ESDM
European gas supply conditions have a major influence in determining fluctuations in the Reference Coal Price (HBA). The November 2022 HBA recorded ...
Wednesday, 02 November 22
MARKET INSIGHT - INTERMODAL
Only five weeks before western sanctions’ full effect, uncertainty over energy has markets and governments on the edge. What was initially th ...
Tuesday, 01 November 22
CHINA COAL TRADE DISRUPTED BY COVID OUTBREAKS AS WINTER LOOMS - REUTERS
China’s strict COVID-19 policy is constraining coal supplies and pushing up prices, industry officials and traders say, just weeks before the ...
Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
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- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
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