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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Petron Corporation, Philippines
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- PTC India Limited - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
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