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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
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Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
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- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Minerals Council of Australia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
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