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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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Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
Friday, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
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Showing 4721 to 4725 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Planning Commission, India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
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