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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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Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
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- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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