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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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Sunday, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
Friday, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
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- Antam Resourcindo - Indonesia
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- South Luzon Thermal Energy Corporation
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- Electricity Generating Authority of Thailand
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