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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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Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
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- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Australian Coal Association
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
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