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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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