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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, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
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- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Indika Energy - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
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