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Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
 Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal companies have become one of the biggest beneficiaries of this change, with eight companies reporting high realized coal prices, net profits and operating cash flows for 2021 and 1Q22.
These coal companies are not expanding coal capacity, with one or two exceptions, capital expenditure (capex) is mainly for maintenance and there are moves towards non-coal projects. The major exception is the dimethyl ether (DME) project announced by state-owned coal miner PTBA (Tambang Batubara Bukit Asam), but the projects face uncertain financial returns and funding as IEEFA reported in 2020.
In this report, IEEFA highlights that coal prices will likely stay elevated given conflict-induced changes to trade flows. Due to disruptions in shipping schedules, Korea and Japan are likely to buy less Russian coal and substitute with coal from Indonesia and Australia, hence coal prices are likely to stay high.
In the longer term, the new trade flows will likely require time to adjust even following conflict resolution. Therefore, coal prices will be supported during this adjustment process.
Moreover, even if China ends its unofficial ban on imports of Australian coal, it is unlikely to help ease supply pressure. This is because there are already existing buyers for Australian coal since the ban was implemented. Its higher prices could make it likely to be priced out of the Chinese market.
IEEFA’s deep dive into the Indonesian coal sector finds that the eight companies are not reinvesting into new coal capacity. However, two have plans to acquire a new mine (ABM Investama) or build up downstream capacity (PTBA), while taking the opportunity to repay debt.
While this is not surprising, considering the 185 global financial institutions which have clearly stated that they will no longer support coal or coal power plant financing, a lack of new coal supply may mean coal prices continue to stay elevated, putting the onus of energy transition on potential buyers.
In the event that there is conflict resolution, coupled with the EU’s commitment to decarbonize, coal prices are likely to normalize from current levels longer term. Coal companies should not miss the opportunity now to diversify away from coal before the cost to transition gets higher.
- Ghee Peh -
Ghee Peh
Ghee Peh is an energy finance analyst with a focus on the Asian coal industry and South East Asia. Ghee has worked on major mining IPOs in Hong Kong and Indonesia including coal, copper and gold companies and has a deep interest in commodity markets.
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Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- The University of Queensland
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
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