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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, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
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- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Indika Energy - Indonesia
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