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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, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
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- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- The University of Queensland
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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