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