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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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Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
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- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
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