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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, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
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- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
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