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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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Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
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- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- White Energy Company Limited
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
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