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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, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
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- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- The University of Queensland
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- London Commodity Brokers - England
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