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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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Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
Monday, 28 May 12
COAL EXPORTS ARE JUMPING HIGHER, BUT PRICES ARE FALLING LOWER
COALspot.com: Indonesia, the world largest coal exporter, shipped 31.86* million tons of coal in April 2012, compared to 30.64* million tons i ...
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Showing 4711 to 4715 news of total 6871 |
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- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
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