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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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Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
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- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Trasteel International SA, Italy
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- The University of Queensland
- ASAPP Information Group - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
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