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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, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
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