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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, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
Thursday, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
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- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
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