We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 23 October 09
CIL PRICE HIKE LIKELY TO PUSH POWER RATES UP
Business-Standard reported that, May squeeze cement companies’ margins, but the steel sector is unlikely to be affected much.
The upward re ...
Thursday, 22 October 09
2ND UNITED INDONESIA CABINET UNVEILED
The Jakarta Post reported that, President Susilo Bambang Yudhoyono announced his second United Indonesia Cabinet on Wednesday night, comprising 34 m ...
Thursday, 22 October 09
PEABODY SET TO TAP ASIAN DEMAND FOR COAL
The Australian reported that, US coal giant Peabody Energy plans to double its Queensland and NSW coal exports in the next five years, as it looks t ...
Wednesday, 21 October 09
INDONESIA POWER FIRM SEEKS TO DEFER COAL SUPPLIES
Reuters reported that, Indonesia's state power firm is negotiating with two coal producers, including a unit of PT Bumi Resources Tbk, to defer a c ...
Wednesday, 21 October 09
MINING REGULATION GENERATES CONFUSION IN INDONESIA
The Jakarta Globe reported that, Mining industry representatives said on Friday they were confused by a recently issued regulation restricting the w ...
|
|
|
Showing 6316 to 6320 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Planning Commission, India
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- The University of Queensland
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
|
| |
| |
|
