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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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Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
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