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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, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
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- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
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