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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, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
Wednesday, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
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- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Planning Commission, India
- Parry Sugars Refinery, India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
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