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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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Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
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