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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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Monday, 18 August 14
CFR SOUTH CHINA COAL SWAP PERFORMED WELL THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.45 (+0.66%) day on day and US$ 0.30 (+0.44%)&nbs ...
Saturday, 16 August 14
HIGH DEMAND OF IRON ORE SHIPMENTS PUSHED CAPE INDEX UPWARDS
COALspot.com: This week's freight market was buoyant with Cape and panamax index seeing a big jump pushing the BDI above 1,000 points week on c ...
Friday, 15 August 14
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
13-16 October 2014
Grand Hyatt Jakarta, Indonesia
Web Site
The country’s definitive ...
Thursday, 14 August 14
U.S. STEAM COAL IMPORTS REMAIN DOWN SHARPLY FROM HISTORIC HIGH IN 2007, SAYS EIA
COALspot.com: U.S. steam coal imports at power plants have fallen significantly from their peak level of more than 30 million tons in 2007 to less ...
Thursday, 14 August 14
INDIA'S PLAN TO START AN INFRASTRUCTURE BOOM AND TO INVEST US$ 1 TRILLION BY 2017 WILL SURELY AFFECT THE DRY BULK TRADE - FEARNLEYS
Handy
The Atlantic Supra market has continued its improving sentiment with rates climbing and TA´s are now up about US$ 900 w-o-w, said Fea ...
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- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- The University of Queensland
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
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