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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, 28 July 14
S. KOREA'S KOSPO SEEKS 148K T OF 4700 NAR COAL
COALspot.com: Korea Southern Power Co Ltd (KOSPO) is seeking 148,000 tonnes of 4,700 kcal/kg NCV steaming coal for shipment between October to Nove ...
Monday, 28 July 14
CFR SOUTH CHINA COAL SWAP SLIGHTLY UP WEEK ON WEEK
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. The swap for Q3, Q4 and Q1 2015 showing slight improvement ...
Sunday, 27 July 14
RAMADAN HOLIDAYS IN INDONESIA PUTTING PRESSURE ON CHARTER RATES FROM INDONESIA - VISTAAR INDIA
COALspot.com: The freight rates were almost steady as very slight improvement in BDI by about 1 pct. The BDI was at 739 points after improvin ...
Saturday, 26 July 14
COAL MINING COMPANIES CLOSED TEMPORARILY - THE JAKARTA POST
The Sarolangun regency administration in Jambi has suspended the operations of 10 coal mining companies in line with a circular issued by Regent Ce ...
Friday, 25 July 14
U.S WEEKLY COAL PRODUCTION UP AROUND 3.5% WEEK ENDED JULY 19
COALspot.com – United States the world's second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
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- New Zealand Coal & Carbon
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- Global Business Power Corporation, Philippines
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- Energy Link Ltd, New Zealand
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- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
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- Commonwealth Bank - Australia
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- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
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- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
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- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
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- Economic Council, Georgia
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- Savvy Resources Ltd - HongKong
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- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
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- Georgia Ports Authority, United States
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- McConnell Dowell - Australia
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- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
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- Antam Resourcindo - Indonesia
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- Manunggal Multi Energi - Indonesia
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- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
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- Toyota Tsusho Corporation, Japan
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- Port Waratah Coal Services - Australia
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- GVK Power & Infra Limited - India
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- Eastern Energy - Thailand
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- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
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- CNBM International Corporation - China
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
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- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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- Semirara Mining Corp, Philippines
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