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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Malabar Cements Ltd - India
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- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
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- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
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- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
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- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
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- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
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- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
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- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
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- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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- Grasim Industreis Ltd - India
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- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
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- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
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- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
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- Economic Council, Georgia
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- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
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- Planning Commission, India
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- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
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- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
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- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
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- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
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- Baramulti Group, Indonesia
- The University of Queensland
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- Anglo American - United Kingdom
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- Directorate General of MIneral and Coal - Indonesia
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- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Attock Cement Pakistan Limited
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Bangladesh Power Developement Board
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- Interocean Group of Companies - India
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