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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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Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
Wednesday, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
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- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
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