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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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Tuesday, 16 November 21
CHINA'S MONTHLY COAL OUTPUT RISES TO HIGHEST SINCE MARCH 2015 - REUTERS
China’s October coal output rose to the highest since at least March 2015, after Beijing approved a raft of coal mine expansions to tame reco ...
Friday, 12 November 21
RUSSIA-INDIA COKING COAL DEAL UNLIKELY TO IMPACT PANAMAX SHIPPING - DREWRY
Russia and India have recently entered into an agreement whereby Russia will supply up to 40 million tonnes of coking coal to India every year. Dre ...
Friday, 12 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Friday, 12 November 21
INDONESIAN COAL PRICE REFERENCE TOPS $215 A TON; THE HIGHEST COAL PRICE IN HISTORY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second half of 2021 as it reached a pinnacle of $215.01 in November 2021 ...
Thursday, 11 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
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- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
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