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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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Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
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- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- The University of Queensland
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
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