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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, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Australian Coal Association
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
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