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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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Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
Tuesday, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
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