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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, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
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- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
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