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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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Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
Friday, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- The University of Queensland
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
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