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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, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
Tuesday, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
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- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- The University of Queensland
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
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