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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, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
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- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Minerals Council of Australia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Planning Commission, India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
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