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Saturday, 17 October 09
US COAL MINERS LOOKING AT LOWER PROFITS
 Most US coal miners are looking at sharply lower third-quarter earnings, but those that produce coal for steelmaking and export should enjoy higher prices in the longer run than those that sell coal for power generation, analysts say.
Last year's economic downturn hit both steel and electricity demand hard and miners were forced to cut back on production as coal prices slumped. But now there are signs that coal demand, at least from steelmakers, is coming back.
"We generally favor coal producers with international leverage, especially those tied to steel production via metallurgical coal, over thermal coal producers," analyst Jeremy Sussman of Brean Murray, Carret & Co said on Thursday.
And Morgan Stanley's Mark Liinamaa and Wes Sconce said they expected premium hard metallurgical or coking coal for steelmaking to be selling at $160 per tonne in 2010, with prices trending higher through 2013. In June, the benchmark price for coking coal was $129 per tonne.
"Our commodity team sees higher seaborne thermal coal prices going forward but we do not expect demand for U.S. thermal coal exports for the next 12-18 months," the Morgan Stanley analysts said in a research note.
In afternoon trading on the New York Stock Exchange on Friday, the S&P index of coal stocks .GSPCOAL was down 1,2 percent, with Alpha Natural Resources the biggest loser, down 3 percent at $37,61. Consol Energy fell 2.4 percent to $49,76, Massey Energy fell 1,4 percent to $32,89, Peabody Energy was down 1,3 percent at $41,69 and Arch Coal was off 11 cents at $23,94.
This week, Dahlman Rose & Co downgraded Peabody, Arch and James River Coal to "hold" from "buy," saying the weak outlook for thermal coal does not support current valuations.
Peabody kicks off the earnings season for coal miners next Tuesday, followed by Arch, Consol Energy, Massey Energy and Alpha Natural Resources.
Of those producers, only Consol is seen posting a profit bigger than in the 2008 quarter, according to Thomson Reuters I/B/E/S. Analysts on average expect Consol's earnings to be 66 cents per share, compared with 49 cents a year earlier.
"Consol has one big met mine (Buchanan, in Virginia) and we expect it to do better than expected as there has been a lot of spot demand from China," said Sussman.
He said Arch had the least metallurgical coal of the major miners and analysts currently expect its profit to be 4 cents per share, way off last year's 68 cents.
Peabody produces coking coal at its Australian mines, but analysts expect a big drop in third-quarter profit from $1,38 per share to 22 cents. Earnings of Massey, which has about 25 percent metallurgical coal, are expected to drop to 18 cents per share from 86 cents a year ago and Alpha's profit is expected to drop to 39 cents from 90 cents a year earlier.
Sussman said lower electricity demand from industry since last year's economic downturn has hurt coal miners that produce thermal or steam coal, which is burned in power plants.
"Inventory levels at utilities are still way too high (70 days, or 50 percent above average) for thermal coal producers to speak positively about the thermal coal market," he said.
According to Edison Electric Institute, for the 52 weeks ended Oct. 10, U.S. power production was down 3.4 percent from the corresponding period in 2008.
"On the other hand, there have been a number of recent positive data points in the met coal space, which should help met coal producers' earnings," said Sussman.
He noted China imported about 8.7 million tonnes of met coal during the third quarter, 30 percent more than in all of 2008. Also, Australia has slowed shipments to China recently and the United States appears to be picking up some of the slack.
"U.S. met coal companies should see a meaningful pickup in activity levels in the second half of the year versus the first half," said Sussman.
Morgan Stanley's analysts said investors seeking exposure to the coking coal upside might consider Cliffs Natural Resources, an iron ore pellet producer, which also operates some coal mines.
"Cliffs' U.S. coking coal mines can grow to 4,5 million tons by 2011, ahead of the market's 3,5 million-ton outlook," Liinamaa and Sconce wrote. Analysts expect Cliffs to report a 6-cent loss in the third quarter, after a $2,13 per-share profit a year ago.
Source: Mining Weekly, Reuters
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Tuesday, 17 November 09
JSW STEEL MAY SPEND $500 MILLION TO ACQUIRE COAL MINES OVERSEAS
JSW Steel Ltd., India’s third- biggest producer, may spend $500 million buying coal mines overseas, securing supplies for its local expansion. ...
Monday, 16 November 09
141 VESSELS ARE EXPECTED TO LOAD 8.833 MILLION TONS OF INDONESIAN COAL BEFORE 30 NOVEMBER 2009
COALspot.com (Indonesia): 141 vessels are expected to load or sail with 8.833 million tons of Indonesian coal before 30 November 2009.
A source f ...
Sunday, 15 November 09
NALCO SHELVES SA PROJECT- PUTS IRAN PROJECT ON HOLD
The Economic Times reported that, In a twin decision on its global operations involving about Rs 27,000-crore (US$ 5.847billions) investment, the st ...
Saturday, 14 November 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AT US$ 19,000 / 20,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR SINGAPORE
COALspot.com (Singaproe): BDI continues to rally crossing the 4,000 mark. The BDI increased this week by 718 points up by 21 pct and closed at 4,111 ...
Saturday, 14 November 09
CHINA HAS BEEN THE LARGEST SINGLE BUYER OF INDONESIAN COAL IN OCTOBER, TAKING 24.37% OF TOTAL EXPORT QUANTITY OF 22.637 MILLION TONS
COALspot.com (Indonesia): China has been the largest single buyer of Indonesian coal in October 2009, taking 24.37% of total export quantity o ...
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- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Australian Coal Association
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
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