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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, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- PTC India Limited - India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Australian Coal Association
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
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