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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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- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- White Energy Company Limited
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
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