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