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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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Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
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- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- The University of Queensland
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
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