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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, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
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- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
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