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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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Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
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- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- The University of Queensland
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
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