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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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Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- The University of Queensland
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
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