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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, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
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- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
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