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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, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
Friday, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
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- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Central Electricity Authority - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Minerals Council of Australia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
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