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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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Friday, 08 August 14
U.S PRODUCED 35.80 MMST OF COAL IN JULY; UP 7.89 MONTH OVER MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.50 million short tons (mmst) of coal in ...
Friday, 08 August 14
PORT OF NEWCASTLE SHIPPED 19.52% MORE COAL IN JULY FROM LAST MONTH
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped 14,036,947 t ...
Thursday, 07 August 14
SHORT-TERM COAL OUTLOOK IMPROVES - SAM QUEST
With demand for and supply of coal to grow in the near future, prices are expected to rebound in the short term; the long-term prospects, however, ...
Thursday, 07 August 14
BULKING UP IN AFRICA: CHINA INFLATES SEABORNE MINERALS EXPORT TRADE - RICHARD SCOTT
Africa’s profile as an exporter of dry bulk commodities is rising. Responding to growing import demand from China, India and other buyers in ...
Wednesday, 06 August 14
CAPES: BUSINESS INTEREST REMAINS SOFT; CURRENTLY NO SIGNS OF IMPROVEMENT - INTERMODAL
COALspot.com: Despite the considerable pressure witnessed in the freight market for most of the size segments, the Dry Bulk Index was able to note ...
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- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Romanian Commodities Exchange
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
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