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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, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- VISA Power Limited - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
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