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