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, 25 September 09
FREIGHT RATE CUTS MAKING SOUTH AFRICAN COAL MORE COMPETITIVE IN ASIAN MARKETS
Mining Weekly reported that, Coaltrans South Africa MD Gerard Strahan highlighted the country’s sudden increase in coal exports to southern Ch ...
Friday, 25 September 09
XSTRATA TO BUILD ITS OWN RAIL CAPACITY TO SHIP AUSTRALIAN COAL
Bloomberg reported that, Xstrata Plc, the world’s largest exporter of coal used by power stations, will establish its own rail haulage capacit ...
Thursday, 24 September 09
INDIA CEMENT CO'S TO AWARD 200,000T COAL TENDER
Reuters reported that, India's biggest cement maker ACC Cement Ltd and Gujarat Ambuja will award on Thursday Sept 25 a tender for 100,000 tonnes ea ...
Thursday, 24 September 09
YUDEAN TO SIGN CO-OPERATION LETTER OF INTENT WITH RUSSIA COAL TRADE COMPANY
In the recent days, Gao Shiqiang, deputy manager of Yudean Group Co., Ltd. went and carried out the friendly talks with SUEK and inked the trade co- ...
Thursday, 24 September 09
ANGLO EYES DOUBLED METALLURGICAL COAL OUTPUT BY 2018
Mining group Anglo American could double its production of coal used for steel making by 2018 if all of its unapproved projects went ahead, the comp ...
|
|
|
Showing 6396 to 6400 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
|
| |
| |
|
