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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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- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- The University of Queensland
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Ministry of Transport, Egypt
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