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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, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Australian Coal Association
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- PTC India Limited - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
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