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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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Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
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- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
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