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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
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