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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, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
Tuesday, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
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- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
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