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Sunday, 28 March 10
DEMAND FROM INDIA RESHAPING THE GLOBAL COAL MARKET - DAVE FOREST
 Attention international coal industry. There's a new kid on the block.
The nation of India.
India is emerging as a major re-shaping force for the global coal market. With in-country coal supplies flagging, Indian buyers are increasingly turning to imports to meet demand.
The situation at many of the nation's power plants is dire. The federal Central Electricity Authority monitors coal stockpiles at 79 plants throughout India. As of yesterday, 19 of those plants (25%) were running at "critical" levels, with less than 7 days worth of coal on hand.
In fact, 9 of those plants are operating with less than 4 days of coal supply. Meaning that 11% of national generating capacity is teetering on the edge of shutdown. These plants are completely reliant on new coal deliveries. If coal shipping is disrupted for any reason, there's no back-up.
There are a few factors at play here. Firstly, India's coal production is lagging demand. Due to fixed government pricing that makes it difficult for coal miners to turn a profit. There's simply not much economic incentive to build new mines (although the government is trying to horse-whip producers into increasing output, even at low prices.)
The other problem is that India's coal-producing regions are distant from many of the electricity demand centers, especially along the coast. Bottlenecks in rail transport make it difficult to get coal to many of the power plants that need supply most.
A clear solution seems to be emerging amongst many of India's biggest coal buyers. Go international.
Yesterday, Maharashtra State Power Generation Co. (the firm that supplies power to Mumbai, among other places) announced it will seek to import 3.35 million tons of thermal coal in the year beginning April 1.
This is a big jump in Maharashtra's foreign coal use. Up 40% from the 2.4 million tons imported in the year ended March 31.
The company's managing director Subrat Ratho made it clear this is a decision coming from the highest levels in India. As he noted, "We would like to import as little as we can because overseas coal is six-times more expensive than Indian coal. But it appears the Ministry of Power has made an assessment of how much coal the domestic companies will be able to supply to various states and have given us this target."
The decision is changing the face of coal imports across the country. India's thermal coal imports surged 100% in 2009, to 60 million tons. Up from just 30 million tons in 2008.
With India's focus now shifting to coal imports, a question is arising. Where will this international supply come from?
Nations like China and Japan have been competing hard for years to secure coal supplies in many of the world's richest regions like Indonesia and Australia. Being late to the party, India is now making its own push to capture supplies. By going forth and buying mines.
Last year, the Indian government gave explicit instructions to many of the nation's largest coal companies to buy overseas coal mines in the interest of nailing down import supply.
One such acquisition materialized this week, with major coal miner and power plant operator Essar Group announcing its purchase of the Aries coal mine in East Kalimantan, Indonesia. The project is reported to hold 100 million tons of thermal coal.
This follows on the heels of Essar's recently-announced $600 million purchase of West Virginia's Trinity Coal Corp. Signaling that Essar (and other groups like it) are moving fast to secure coal assets globally.
The coal industry is already a crowded space, with several nations competing for imports and to buy mines. The sudden addition of an aggressive and deep-pocketed buyer like India could end up being like trying to drive a bulldozer through a mousehole. Putting upward pressure on both coal trade prices and the price tag for purchasing deposits.
We saw this movie once before in 2005 when China turned from a net exporter of coal to a net importer. Prices soared and coal producers had a great run in the stock market.
India may be the only other nation on the planet with the ability to do same.
Source: OilPrice
Dave Forest, dforest@piercepoints.com, www.piercepoints.com
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Thursday, 01 April 10
OWNERS WERE STILL BULLISH ON SHORT PERIOD NUMBERS, BUT CHARTERERS IN GENERAL WERE NOT READY TO PAY - BRS
SUPRA / HANDY
After several weeks of a rising market, the BSI lost 9% last week to close on Friday at US$ 27,677 per day for the TC routes. ...
Thursday, 01 April 10
PROFIT AT TWO INDONESIAN COAL MINERS SOARS AS RECOVERY STIRS GREATER DEMAND, HIGHER PRICES - THE JAKARTA GLOBE
The Jakarta Globe reported that, Two of the country’s biggest coal producers enjoyed a surge in profit last year as prices rose and demand pic ...
Thursday, 01 April 10
BHP BILLITON TO SELL STAKE IN MARUWAI TO ADARO - THE JAKARTA POST
The Jakarta Posted reported that, BHP Billiton has agreed to sell 25 percent of its stake in the Maruwai Coal Project in Kalimantan to Indonesia&rsq ...
Thursday, 01 April 10
AUSTRALIAN COAL PRODUCER REJECTS $3 BILLION PEABODY OFFER - STL TODAY
STL today reported that, Australian coal producer Macarthur Coal Ltd. rejected a $3 billion cash takeover bid from Peabody Energy Corp., which seeks ...
Thursday, 01 April 10
TATA POWER EYES MORE COAL FROM INDONESIA FOR ITS FUTURE PLANTS - FINANCIAL EXPRESS
Financial Expressreported that, Tata Power, one of the largest private sector power utilities in the country with interests in generation, transmiss ...
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- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
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