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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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Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
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- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- The University of Queensland
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
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