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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Planning Commission, India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Australian Coal Association
- Romanian Commodities Exchange
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