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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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Wednesday, 17 September 14
SHIPPING MARKET INSIGHT - GEORGE LAZARIDIS
Since the onslaught of 2013 the rising tide of asset prices had been primarily driven by the increasing freight market conditions and the improving ...
Tuesday, 16 September 14
INDONESIAN GOVERNMENT DECLARED HBA SUFFERED ANOTHER SETBACK IN SEPTEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in September. HBA for ...
Tuesday, 16 September 14
INDONESIAN COAL OUTPUT WON'T EXCEED 421M TONS: GOVT - JP
The government is optimistic that it will meet its coal production target for this year, which caps nationwide production at a flat number compared ...
Monday, 15 September 14
CHINA'S COAL PROPOSALS LEAVE SOME HOPE FOR EXPORTERS - DAILY NEWS
When the best thing you can say about new policies is that they aren’t as bad as they could have been, then you know your industry is in deep ...
Monday, 15 September 14
SUB-BIT FOB INDONESIA COAL SWAP, JANUARY 2015 DELIVERY GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.40 (+0.78%) day on day and US$ 0.55 (+1.08%) per mt week on week. The ...
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- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Australian Coal Association
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- The University of Queensland
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
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