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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, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
Wednesday, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
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- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- The University of Queensland
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
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