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Sunday, 08 January 12
ICICI OUTLOOK ON INDIAN POWER, MINING,CEMENT, AND SHIPPING SECTORS PERFORMANCE IN 2012
Broking firm, ICICIdirect (India) has come out with report on sectors outlook for 2012. IRIS has collated key highlights for each sector from ICICI’s report.
Power - Underperform
The power sector in CY11 was characterized by robust capacity addition (12737 MW taking total capacity to 185,496 MW), tariff hikes, fuel shortages, back down by SEBS, change in Indonesian coal law and rise in interest rates. ICICIdirect expects capacity addition to be robust in CY12 (our bottom up analysis suggests that nearly 9400 MW can be added in CY12). ICICIdirect is cautious as structural issues like policy reforms and fuel shortages are more critical than cyclical factors like falling interest rates. One should stick to regulated entities like NTPC, NHPC (regulated players, less fuel risk, high Actual Contract Quantity from Coal India, sustainable earnings growth via capacity addition).
Metals and Mining - Underperform
CY11 was a challenging year for the metals and mining sector on the back of a muted demand scenario, elevated raw material costs and restriction of mining of iron ore in certain areas. During the first nine months of CY11, prices of key raw materials such as iron ore and coking coal were on an upward trend while in Q4CY11 along with a decline in raw materials costs steel prices also tapered off resulting in no respite for steel companies. As a result, on the back of elevated cost structure the operating margins of steel players remained under pressure for CY11. Going forward, on the back of global uncertainty and a muted demand scenario, ICICIdirect expects global steel demand to remain subdued in CY12.
Cement - Underperform
Cement demand has been sluggish in the past 20 months (growth of 4.4% in FY11 and 4% in YTD FY 12) due to muted off take from construction activities. ICICIdirect finds that cement demand growth has a high correlation with gross fixed capital formation growth as it captures the construction activities. GFCF declined 0.6% in Q2FY12 on account of a slowdown in infrastructure investments, keeping cement demand under pressure. ICICIdirect expects cement demand to grow by 4.5% in FY12E and 8% in FY13E.
Shipping - Underperform
The shipping industry is currently passing through a downturn, which is likely to be prolonged. A moderation in demand and substantial increase in supply on account of new vessel additions is expected to keep freight rates subdued.
(Source : IRIS /Steelguru)
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Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
Friday, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
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- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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