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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, 11 August 14
SGX CFR SOUTH CHINA COAL SWAPS DIRECTION HEADING TO NORTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.50 (+0.74%) day on day and US$ 1.55 (+2.33%)&nbs ...
Monday, 11 August 14
A TALE OF TWO TRADES - EVA TZIMA
COALspot.com: It has without a doubt been “a cruel, cruel summer” for the Dry Bulk market so far and with second hand values still stan ...
Sunday, 10 August 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com: This week the BDI and other segments saw some improvements. The BDI increased by 3.46 pct week on week and closed at 777 points.
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Friday, 08 August 14
MINING DISPUTE IS CRIPPLING LOCAL ECONOMIES IN EASTERN INDONESIA - JG
- By Iwan Harsono -
It seems as if there’s no end in sight to the series of negotiations between the government and mining companies about ...
Friday, 08 August 14
CAPESIZE RATES ARE REMAINING MORE OR LESS UNCHANGED AT BOTTOM LOW LEVELS - FEARNLEYS AS
Handy
An improving sentiment with stronger rates and fair demand for prompt tonnage in the Atlantic, both on the Continent and in the Med for the ...
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- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
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