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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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Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
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- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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