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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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Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Parliament of New Zealand
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Minerals Council of Australia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Planning Commission, India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
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