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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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Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
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