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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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Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
Thursday, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
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- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
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