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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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Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
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Showing 3516 to 3520 news of total 6871 |
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- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- GMR Energy Limited - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
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