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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, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
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