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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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Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
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- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Ministry of Mines - Canada
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