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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, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
Thursday, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
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- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- PTC India Limited - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- CNBM International Corporation - China
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
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