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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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Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
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- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
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