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