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Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
 COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector in Indonesia is unlikely, despite the substantial number of distressed coal companies in the country. Sustained weakness in demand and an uncertain price outlook for Asian thermal coal have prompted the larger coal companies in Indonesia to preserve liquidity and focus on maximising returns from existing projects.
Coal prices have fallen by about 40% from the average prices in 2011, and are not expected to see any material improvement in the next 12-24 months, due to weak import demand from China and strong supply globally.
The larger Indonesian coal miners have already incurred sizable investments in greenfield and brownfield coal projects in the past two to three years, and now have large undeveloped resources. Fitch believes capex will be mostly limited to expanding production of existing assets and bringing some of the economically viable resources to production readiness. Investment spending by these companies on new coal assets will be muted until there is a meaningful recovery in coal prices.
Fitch believes any M&A will be limited to assets that can be relatively easily integrated into existing operations of potential suitors or mines than can be integrated with potential mine-mouth power generation projects supplying to the national grid based on long-term power purchase agreements. We also believe there could be some interest from overseas power generation companies, such as from India, to support their coal requirements in the home market. However, we believe such opportunities are limited compared to the number of distressed coal assets in Indonesia.
An additional obstacle for M&A is regulatory risk. These include national production (or export) caps, increased royalties for the newer (Izin Usaha Pertambangan/IUP) coal license holders (which make up the largest share of the distressed assets). Furthermore, most available greenfield mines are located in Sumatera, which generally contains low calorific value (CV) coals.
Presently, low CV coals face a higher degree of uncertainty in terms of pricing, given a potential ban (or punitive import taxes) on the import of these into China. Given the low energy content and higher investments required for logistics, monetising Sumatran coal has become increasingly more challenging.
Given the weak market conditions and outlook, access to funding, including bank debt and debt capital markets, has also been challenged, except for a very few large, profitable coal producers in Indonesia. This too is proving to be a constraining factor for consolidation.
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Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
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- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- The University of Queensland
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
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