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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, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
Friday, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
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- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- MS Steel International - UAE
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Deloitte Consulting - India
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