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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Australian Coal Association
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
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