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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, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
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- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
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