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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, 21 August 14
PREDICTIONS FROM VARIOUS SHIPPERS AND MINING INDUSTRY FOR 2ND HALF YEAR AND ESPECIALLY Q4 IS POSITIVE
Handy
The activity has increased in both hemispheres this week and we see rates edging up on all trades. TA´s are now paying around 8k whic ...
Thursday, 21 August 14
SHIP OWNERS KEEP SHYING AWAY FOR NEW SHIP INVESTMENTS, OVERALL TREND IS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have remained in the sidelines of the Sale & Purchasing market for second hand vessels, during most of August, while they also slow ...
Wednesday, 20 August 14
DRY BULK MARKET TO REBOUND IN THE FOURTH QUARTER, OR NOT....- NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The projected rebound of the dry bulk market is still an elusive trend and shipbrokers and analysts are looking to identify the timing of the loomi ...
Monday, 18 August 14
CAPESIZE RATES TO RISE TO MUCH HIGHER LEVELS THIS YEAR - JEFFREY LANDSBERG
COALspot.com: Capesize rates ended last week at $15,561/day, which marked a week-on-week increase of $6,167 (66%). Capesize rates have been a ...
Monday, 18 August 14
SUB-BIT FOB INDONESIA COAL SWAP CLOSED AT $58.60 FOR SEPTEMBER 2015; UP $4 FROM SEPTEMBER 2014 CLOSING
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.27%) day on day and US$ 0.75 (-1.36%) per mt week on week. Th ...
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- White Energy Company Limited
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Australian Coal Association
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
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