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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, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
Tuesday, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
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- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Australian Coal Association
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- White Energy Company Limited
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- The University of Queensland
- Marubeni Corporation - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
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