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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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Thursday, 05 November 09
MERCATOR LINES AIMS TO BECOME A $5 BILLION COMPANY
Mercator Lines, India’s second largest private sector shipping line, plans to invest and expand, riding India’s next wave of growth, the ...
Thursday, 05 November 09
HMS BERGBAU AG OPENING INDIAN OFFICE
Further step on internationalization track Office in Mumbai Participation in demand for coal imports
HMS Bergbau AG, is an international coal tra ...
Thursday, 05 November 09
SAM'S SEAFOOD HOLDINGS MOVES STEP CLOSER TO COAL EXPLORATION IN INDONESIA
Sam’s Seafood Holdings Limited, which is proposed to be renamed Pan Asia Corporation Limited, is moving closer to becoming an exploration and ...
Wednesday, 04 November 09
INDONESIA CAP ON COAL EXPORTS MAY HIT INDIAN POWER SECTOR
BL reported that Karnataka power sector is likely to be partially impacted by the Indonesian Government move to restrict coal exports.
Private se ...
Wednesday, 04 November 09
SA 2010 COAL EXPORTS SEEN AT 65M TO 68M TONS - ANALYSTS
South Africa's thermal coal exports could rise to as high as 68 million tonnes in 2010 but are more likely to be 64-65 million compared to 60 milli ...
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- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Planning Commission, India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- The University of Queensland
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
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