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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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- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Planning Commission, India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
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