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Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
 Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research report by financial institution MF Global. The report highlighted the potential of Mozambique and Mongolia to be “potential game changers” on the supply side - but only from 2015 and “conditional on infrastructure”.
As a result of its concern over the provision of the required infrastructure, MF Global has turned bearish on prospects for Australian junior Riversdale Mining which is developing two major coking coal projects near Tete in Mozambique.
These are the Benga project, in which Indian steel group Tata holds a 35% stake, and the Zambeze project, in which Chinese group Wuhan Iron and Steel Corporation has just agreed to buy a 40% stake.
Riversdale has also struck a logistics partnership agreement with China Communications Construction Company.
This company will carry out a “mine to ship logistics” study into the export of large volumes of coal from Mozambique, which at present suffers severe limitations on its rail and port infrastructure.
On Thursday, Riversdale announced a capital raising of A$337m at a fixed offer price of A$9.40 a share to accelerate the development of stages two and three of the Benga project.
Riversdale chairman Michael O’ Keeffe said the accelerated logistics development also included “Riversdale’s commitment to upgrading the existing coal terminal at Beira, for which Riversdale has entered into a memorandum of understanding with Vale and the Mozambique rail and port authority CFM.”
MF Global has put out a sell recommendation on Riversdale, on the grounds that the market “is expecting too much too soon”.
The firm said: “The risk/reward profile on offer is actually about long-term infrastructure development and financing.
“Given the recent share price moves, we believe the market is already pricing in quite an optimistic outcome on this front, particularly when compared to a number of producing companies where resource optionality isn’t being valued at all.
“The infrastructure demands are challenging and we expect disappointments. Riversdale’s production targets are conditional upon a significant amount of infrastructure being developed and allocations being received.
“Investors without a very long-time horizon and specialist interest in development risk would be best taking profits above $10.”
MF Global said the coking coal market appeared more balanced than iron ore, because China was not such a major factor.
The firm said: “Japan is the largest destination (35%) followed by India (20%), China (10%) and Europe (10%).
“The more balanced spread is positive when compared to the concentrated risk of the iron ore market, particularly if there is to be a more balanced global economy in 2010.
“In the longer term, demand will be driven by India and Brazil which are long (on) iron ore but short coking coal. “
Turning to the supply side, MF Global pointed out this was dominated at present by Australia which accounted for 70% of the seaborne trade in coking coal. However, supply growth from that country was constrained by logistics problems.
About 85% of the metallurgical coal exports from Australia are shipped from the state of Queensland, but MF Global pointed out port capacity has been operating at around 70% to 80% for the past five years.
The report stated: “In Queensland, the rail network is underdeveloped and congestions are frequent. System underperformance has resulted in lost sales and increased demurrage. “The queues of ships that can sometimes stretch as long as 70 in number and can wait for over a month to be loaded, are nearly always caused by rail congestion rather than the port facility itself.”
Source: Mining Mx / Hellenic Shipping
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Monday, 14 June 10
S. AFRICA BOOSTS COAL SALES TO INDIA 12%, TRADER SAYS
Bloomberg reported that, South Africa’s Richards Bay, the world’s second-biggest coal export harbor, boosted sales to India by 12 percen ...
Sunday, 13 June 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND CAPE/US$ 29000 PER DAY & PANAMAX/US$ 20500 PER DAY - VISTAAR
COALspot.com: The market continue to soften in all sectors and the most affected was cape size which was down by 16.32 pct. The BDI was down by 14.4 ...
Saturday, 12 June 10
BALTIC EXCHANGE ESTABLISHES ASIA-PACIFIC OFFICE
The London-based Baltic Exchange has today announced it is setting up an Asia-Pacific Representative Office in Singapore, to ensure closer contact w ...
Saturday, 12 June 10
NALCO TO ROPE IN PARTNERS FOR INDONESIA PROJECT
Sify reported that, the public sector National Aluminium Company (Nalco) is set to finalise the terms of its joint venture (JV) agreement with two f ...
Thursday, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
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- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
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