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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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Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
Friday, 04 November 22
CHINA EXPANDS COAL TERM CONTRACTS TO ALL MINES TO STABILIZE MARKET - REUTERS
China has expanded long-term thermal coal supply contracts for 2023 to all coal mines and asked power utilities to source more of their demand thro ...
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- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Deloitte Consulting - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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