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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, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
Friday, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Planning Commission, India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
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