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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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Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
Wednesday, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
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- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- MS Steel International - UAE
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