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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, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
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- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
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