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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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Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
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Showing 3506 to 3510 news of total 6871 |
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- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
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