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Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
 COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US Coal companies, since Q1, 20122, have shifted their coal sales from domestic to overseas, helped by low transportation cost as reflected by the low Baltic Dry Index. US exports in 2011 grew significantly to 118.2 m tons (+31.3% y-y) with Europe (50.3%) and Asia (25.7%) as major destinations.
With the Euro zone slowing, more and more US coal, most of which are metallurgical coal, are finding their way to Asia, specifically Japan (11% of Indonesia’s 2011 total coal exports goes to Japan) and China (33%), Bahana said in its report.
Thermal coal prices: Heading further down
The coal inventories at key power plants in China remain high, increasing by 5.4 m tons from end April to 88.9m tons on 20 May, sufficient to generate power plants in the next 26 days (normally 15-17 days).
In China’s Qinhuangdao, the world’s largest coal port by capacity (9m tones), have exceeded levels, the first time since late 2008 during the height of the financial crisis. At that time, thermal coal prices was dropped sharply. Last week, Qinhuangdao’s inventory reached 8.2m tones, up 1.1m tones in just 10 days, suggesting lack of demand.
It is clear that thermal coal prices have only one way to go: Down.
Bahana was also reduced its coal price assumptions by 15% - 38% for the period 2012 - 2014 despite yesterday’s Newcastle average coal price y-y drops nearly 15%, reflecting about 10% fall to USD 107.6 from its recent peak of USD 118.9/ton. However the current coal prices, remaining much higher than the gas prices.
As coal prices are below USD 90/ton in June 2012, the first time since August 2010, Bahana has reduced its 2012 coal benchmark price assumption by 15% to USD 97/ton (2H 12 average: USD88/ton; Current: USD89/ton) and by 29% to USD85/ton in 2013, before falling further to USD80/ton in 2014, in line with the expected fixing of China’s railway problem, which has affected imported coal usage, including Indonesia.
As a result of lower coal prices, Bahana has downgraded coal companies’ 2012 earnings by 6% - 40%, translating to lower target prices (TPs) within their coverage.
About Bahana Securities
PT. Bahana Securities was established in 1993 and 100% of its shares are owned by Perusahaan Perseroan (Persero) PT. Bahana Pembinaan Usaha Indonesia and member of the Indonesian Stock Exchange. Since its establishment up to this date BAHANA Securities strives and works hard to introduce innovation, contribution, committment to play an important role in the development of Indonesian stock exchange development.
Today BAHANA Securities provides numerous innovative services in the investment banking, stock exchange and bonds. With a reliable research ability, an efficient back office, effective IT implementation, BAHANA Securities rises to the challenges as a leading securites company in Indonesia.
Supported by trade transactions that are consistently ranked as the three biggest nasional stockbroker agency with the highest value, coupled with incisive market analysis, we were awarded "The Best Investment Bank", "The Best Equity House", and "The Best Broker" from The Assets, etc
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Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
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Showing 776 to 780 news of total 6871 |
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- CNBM International Corporation - China
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Australian Coal Association
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
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