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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, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
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