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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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Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
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- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Parliament of New Zealand
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
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