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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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Sunday, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
Friday, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Parry Sugars Refinery, India
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- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
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- Rashtriya Ispat Nigam Limited - India
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- Wood Mackenzie - Singapore
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- Billiton Holdings Pty Ltd - Australia
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- Eastern Energy - Thailand
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- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
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- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
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- Orica Australia Pty. Ltd.
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- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
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- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
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- VISA Power Limited - India
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- Mjunction Services Limited - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
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- Bhatia International Limited - India
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- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
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- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
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- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
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- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
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- Samtan Co., Ltd - South Korea
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- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
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- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
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- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
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- Parliament of New Zealand
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- Sindya Power Generating Company Private Ltd
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- Australian Coal Association
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