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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, 24 December 09
EUROSEAS LTD. ANNOUNCES TWO-YEAR TIME CHARTER AGREEMENT FOR PANAMAX BULK CARRIER
Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerize ...
Wednesday, 23 December 09
INDONESIA POWER CHIEF TO BUILD PLANTS OUTSIDE JAVA
Indonesia's state electricity firm plans to build new power plants outside Java island with a combined capacity of around 2,000 megawatts to resolv ...
Wednesday, 23 December 09
BUKIT ASAM SEES CHINA COAL DEMAND BOOST
* Rebound in prices to have pushed up 2009 revs
* To more than double Tarahan port capacity
Reuters reported that, Indonesian state-owned coal m ...
Wednesday, 23 December 09
MACARTHUR COAL OFFERS TO BUY RIVAL GLOUCESTER
Queensland-based Macarthur Coal will offer to buy fellow Australian Gloucester Coal, in a move to add two new mines and increase coal resources.
...
Tuesday, 22 December 09
CHINA CONTRACTED COAL PRICE FOR 2010 SEES SLIGHT INCREASE
A number of coal and power enterprises have concluded their annual power-coal supply contracts for 2010, and the contracted coal price saw slight in ...
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- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
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