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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, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
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- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- The University of Queensland
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Minerals Council of Australia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
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