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Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
 COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector in Indonesia is unlikely, despite the substantial number of distressed coal companies in the country. Sustained weakness in demand and an uncertain price outlook for Asian thermal coal have prompted the larger coal companies in Indonesia to preserve liquidity and focus on maximising returns from existing projects.
Coal prices have fallen by about 40% from the average prices in 2011, and are not expected to see any material improvement in the next 12-24 months, due to weak import demand from China and strong supply globally.
The larger Indonesian coal miners have already incurred sizable investments in greenfield and brownfield coal projects in the past two to three years, and now have large undeveloped resources. Fitch believes capex will be mostly limited to expanding production of existing assets and bringing some of the economically viable resources to production readiness. Investment spending by these companies on new coal assets will be muted until there is a meaningful recovery in coal prices.
Fitch believes any M&A will be limited to assets that can be relatively easily integrated into existing operations of potential suitors or mines than can be integrated with potential mine-mouth power generation projects supplying to the national grid based on long-term power purchase agreements. We also believe there could be some interest from overseas power generation companies, such as from India, to support their coal requirements in the home market. However, we believe such opportunities are limited compared to the number of distressed coal assets in Indonesia.
An additional obstacle for M&A is regulatory risk. These include national production (or export) caps, increased royalties for the newer (Izin Usaha Pertambangan/IUP) coal license holders (which make up the largest share of the distressed assets). Furthermore, most available greenfield mines are located in Sumatera, which generally contains low calorific value (CV) coals.
Presently, low CV coals face a higher degree of uncertainty in terms of pricing, given a potential ban (or punitive import taxes) on the import of these into China. Given the low energy content and higher investments required for logistics, monetising Sumatran coal has become increasingly more challenging.
Given the weak market conditions and outlook, access to funding, including bank debt and debt capital markets, has also been challenged, except for a very few large, profitable coal producers in Indonesia. This too is proving to be a constraining factor for consolidation.
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Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
Thursday, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
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- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Planning Commission, India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- The University of Queensland
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
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