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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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Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
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- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
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