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Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
 Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal companies have become one of the biggest beneficiaries of this change, with eight companies reporting high realized coal prices, net profits and operating cash flows for 2021 and 1Q22.
These coal companies are not expanding coal capacity, with one or two exceptions, capital expenditure (capex) is mainly for maintenance and there are moves towards non-coal projects. The major exception is the dimethyl ether (DME) project announced by state-owned coal miner PTBA (Tambang Batubara Bukit Asam), but the projects face uncertain financial returns and funding as IEEFA reported in 2020.
In this report, IEEFA highlights that coal prices will likely stay elevated given conflict-induced changes to trade flows. Due to disruptions in shipping schedules, Korea and Japan are likely to buy less Russian coal and substitute with coal from Indonesia and Australia, hence coal prices are likely to stay high.
In the longer term, the new trade flows will likely require time to adjust even following conflict resolution. Therefore, coal prices will be supported during this adjustment process.
Moreover, even if China ends its unofficial ban on imports of Australian coal, it is unlikely to help ease supply pressure. This is because there are already existing buyers for Australian coal since the ban was implemented. Its higher prices could make it likely to be priced out of the Chinese market.
IEEFA’s deep dive into the Indonesian coal sector finds that the eight companies are not reinvesting into new coal capacity. However, two have plans to acquire a new mine (ABM Investama) or build up downstream capacity (PTBA), while taking the opportunity to repay debt.
While this is not surprising, considering the 185 global financial institutions which have clearly stated that they will no longer support coal or coal power plant financing, a lack of new coal supply may mean coal prices continue to stay elevated, putting the onus of energy transition on potential buyers.
In the event that there is conflict resolution, coupled with the EU’s commitment to decarbonize, coal prices are likely to normalize from current levels longer term. Coal companies should not miss the opportunity now to diversify away from coal before the cost to transition gets higher.
- Ghee Peh -
Ghee Peh
Ghee Peh is an energy finance analyst with a focus on the Asian coal industry and South East Asia. Ghee has worked on major mining IPOs in Hong Kong and Indonesia including coal, copper and gold companies and has a deep interest in commodity markets.
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Thursday, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- The University of Queensland
- PTC India Limited - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
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