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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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Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
Wednesday, 03 September 14
KOREA MIDLAND POWER CO. LTD INVITES BIDS FOR 1 MMT OF BITUMINOUS & SUB-BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: KOMIPO again in the market for 1 million tons of 5700 NAR and 4600 NAR coal for Jan – March 2015. South Korean state-owned util ...
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Showing 3506 to 3510 news of total 6871 |
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- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- The University of Queensland
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
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