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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, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Australian Coal Association
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- London Commodity Brokers - England
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
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