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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
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