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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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Monday, 18 August 14
CFR SOUTH CHINA COAL SWAP PERFORMED WELL THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.45 (+0.66%) day on day and US$ 0.30 (+0.44%)&nbs ...
Saturday, 16 August 14
HIGH DEMAND OF IRON ORE SHIPMENTS PUSHED CAPE INDEX UPWARDS
COALspot.com: This week's freight market was buoyant with Cape and panamax index seeing a big jump pushing the BDI above 1,000 points week on c ...
Friday, 15 August 14
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
13-16 October 2014
Grand Hyatt Jakarta, Indonesia
Web Site
The country’s definitive ...
Thursday, 14 August 14
U.S. STEAM COAL IMPORTS REMAIN DOWN SHARPLY FROM HISTORIC HIGH IN 2007, SAYS EIA
COALspot.com: U.S. steam coal imports at power plants have fallen significantly from their peak level of more than 30 million tons in 2007 to less ...
Thursday, 14 August 14
INDIA'S PLAN TO START AN INFRASTRUCTURE BOOM AND TO INVEST US$ 1 TRILLION BY 2017 WILL SURELY AFFECT THE DRY BULK TRADE - FEARNLEYS
Handy
The Atlantic Supra market has continued its improving sentiment with rates climbing and TA´s are now up about US$ 900 w-o-w, said Fea ...
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- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- SMG Consultants - Indonesia
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