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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, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
Monday, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
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