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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, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
Tuesday, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
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- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
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