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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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Thursday, 24 July 14
INDONESIA'S JUNE 2014 COAL EXPORT VOLUME DOWN 6.82%; AVERAGE SELLING PRICE DOWN
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.70* ...
Thursday, 24 July 14
HANDY: SOUTH AFRICA SOFTENED A BIT, HERE RATES ARE AT AROUND 8K +150K BB FOR TRIPS EAST - FEARNLEYS AS
Handy
The handy market in the Atlantic is going sideways and a tick down on low activity. Levels hoovering around USD 5k on Supras. The SMX marke ...
Thursday, 24 July 14
INDONESIAN COAL EXPORTERS ARE REQUIRED TO OBTAIN ET-BATUBARA UNDER LATEST TRADE MINISTRY'S NEW REGULATION
COALspot.com: Indonesia's trade ministry has issued regulation No. 39/M-DAG/PER/7/2014 which is requires exporters of power plant coal as ...
Wednesday, 23 July 14
PANAMAXES WERE BACK ON A DOWNWARD COURSE; CAPES WERE FEELING THE MOST PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market was on a downward spiral this week, with the BDI noting another week-on-week decline of the magnitude of 10% this ...
Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. ...
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- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Minerals Council of Australia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
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