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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, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
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