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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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Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
Monday, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
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- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
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