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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, 23 July 14
HARD COAL 2013: THE WORLD'S SECOND-MOST IMPORTANT ENERGY SOURCE AND GUARANTOR FOR THE SECURITY OF ENERGY SUPPLIES DURING TIMES OF CRISIS
Hard coal is again in 2013 the fastest-growing fossil primary energy source in the world. As shown in the BP Statistical Review 2014, it covered ab ...
Tuesday, 22 July 14
INDONESIAN ELECTION RESULT ENCOURAGING FOR FOREIGN INVESTMENT IN ENERGY AND MINING SECTORS - WOOD MACKENZIE
Joko Widodo-Jusuf Kalla has been announced as the official winner of Indonesia's presidential election. Joko Widodo, or Jokowi, is viewed as a ...
Tuesday, 22 July 14
THE CURRENT COAL PRICES ARE UNPROFITABLE FOR MINERS; COAL PRICES WILL GRADUALLY INCREASE - FITCH
COALspot.com: The Fitch Ratings expect the benchmark Newcastle coal prices (currently at about USD70/MT) to gradually increase.
Fitch's la ...
Tuesday, 22 July 14
SUB-BIT FOB INDONESIA COAL Q3' 14 DOWN 5.21%; Q4' 14 DOWN 3.56%; Q1' 15 DOWN 4.75% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 flat on day, weak week on week and on month according to AsiaClear OTC coal swap' ...
Tuesday, 22 July 14
INDONESIA'S MINERAL EXPORT BAN: CHINA UNDER PRESSURE? - CLARKSONS
In January 2014, Indonesia introduced new regulations on exports of unprocessed minerals. Exports of some minerals have been heavily taxed, whilst ...
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- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
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