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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, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
Wednesday, 07 December 22
MARKET INSIGHT - INTERMODAL
China’s coal imports from January to October were 230.1m mt, a decrease of around 10.7% y-o-y (2021 totalled 323.2m mt). The question is if t ...
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- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
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