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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 $2,13 per-share profit a year ago.
Source: Mining Weekly, Reuters
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Wednesday, 23 September 09
TATA POWER TO COMMISSION 2 UNITS OF MUNDRA UMPP BY FEB 2012
Business Standard reported that, the country's largest private power producer Tata Power today said it would commission 1,600 MW capacity of its 4, ...
Wednesday, 23 September 09
NAVA BHARAT TO ADD 300MW CAPACITY, RAISE RS1,386 CRORE (US$ 289,674,610)
The firm plans to place orders for equipment by the end of October and commission both the plants by April 2012 to sell power in the open market
...
Tuesday, 22 September 09
ASIA COAL-PRICES TOPS $70 AS TRADERS SEEK BARGAINS
Reuters reported that, prices of power-station coal in Australia, a benchmark for Asia, rose for the second week to top $70 a tonne this week, clawi ...
Tuesday, 22 September 09
QINHUANGDAO COAL PRICES SURGE ON STRONG DEMAND
People's Daily Online reported that, Coal prices at Qinhuangdao port, China's largest coal port, witnessed the sharpest increase in the year last ...
Tuesday, 22 September 09
SHORT PERIOD RATE FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR
COALspot.com (Singapore): The dry bulk market continued to be stable with the BDI just dropping by about 5 pct to 2,356 points last week. The change ...
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- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
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