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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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Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
Tuesday, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- PTC India Limited - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
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