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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, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- The University of Queensland
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
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