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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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Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
Tuesday, 29 November 22
SEABORNE COAL FLOWS IN 2022 - SIGNAL
This year is crucial for the energy mix in European countries, as the EU has imposed new sanctions on Russia. It is important to emphasize that the ...
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- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Posco Energy - South Korea
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
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