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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Australian Coal Association
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
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