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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, 03 August 14
LACK OF COAL SHIPMENTS FROM FAR EAST/SE ASIA, THE PRESSURE ON CHARTER RATES CONTINUED THIS WEEK
COALspot.com: This week, the freight rates were almost flat as charter rates were also almost steady from last week.
The BDI was up by 2.59 pc ...
Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply ...
Friday, 01 August 14
U.S PRODUCED 19.4 MMST OF COAL IN A WEEK, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Thursday, 31 July 14
CAPESIZE: CARGO VOLUMES, COAL IN PARTICULAR, PRESENTLY NOT SUFFICIENT TO EMPLOY A GROWING FLEET - FERNLEYS
Handy
Both the Atlantic and Pacific has improved in the supramax segment over the last week, said Fernleys in Its latest weekly report . There we ...
Thursday, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
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- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Australian Coal Association
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
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