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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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Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
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