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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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Saturday, 14 November 09
ASIA'S POWER SECTOR IS INVESTING IN COALMINES TO SECURE SUPPLIES
COALspot.com (Press Release): Asia Coal Power conference in Jakarta pinpoints growing power demand in Asia & Power sector investments in Indones ...
Friday, 13 November 09
API4 IGNORES LOW COAL TRADES - SWISS SINGAPORE
* Jan, Feb S.Africa coal prices hit 12-month highs
* Indian trader says deals done dollars below index
Reuters reported that, the physical coal ...
Thursday, 12 November 09
INDONESIA'S BUMI COAL PRODUCTION TO INCREASE
The sale is predicted to jump 14 percent to 58 million tons.
Viva News reported that, PT Bumi Resources Tbk. (BUMI) projected that the company's ...
Thursday, 12 November 09
INDIA'S BHEL IS IN INDONESIA NOW WITH THE COST EFFECTIVE CFBC BASED BOILER TURBINE PACKAGES
COALspot.com(Indonesia): BHEL, the largest engineering and manufacturing enterprise in India in the energy-related / infrastructure sector, is now f ...
Thursday, 12 November 09
NTPC FARAKKA AND KAHALGAON UNITS SHUT DOWN ON COAL SHORTAGE
Operations at two units each of power major NTPC Ltd’s 1600 MW Farakka and the 2340 MW Kahalgaon stations have ground to a halt due to an acut ...
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- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
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