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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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Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
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- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Australian Coal Association
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
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