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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, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Planning Commission, India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
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