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