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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, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
Tuesday, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
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- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Planning Commission, India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
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