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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, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Monday, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
...
Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
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- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- The University of Queensland
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
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