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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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Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
Tuesday, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
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- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Planning Commission, India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- India Bulls Power Limited - India
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