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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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Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
Friday, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
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- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Planning Commission, India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Australian Coal Association
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
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