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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, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
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- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Parliament of New Zealand
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Planning Commission, India
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
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