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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, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
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- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
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