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Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
 COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US Coal companies, since Q1, 20122, have shifted their coal sales from domestic to overseas, helped by low transportation cost as reflected by the low Baltic Dry Index. US exports in 2011 grew significantly to 118.2 m tons (+31.3% y-y) with Europe (50.3%) and Asia (25.7%) as major destinations.
With the Euro zone slowing, more and more US coal, most of which are metallurgical coal, are finding their way to Asia, specifically Japan (11% of Indonesia’s 2011 total coal exports goes to Japan) and China (33%), Bahana said in its report.
Thermal coal prices: Heading further down
The coal inventories at key power plants in China remain high, increasing by 5.4 m tons from end April to 88.9m tons on 20 May, sufficient to generate power plants in the next 26 days (normally 15-17 days).
In China’s Qinhuangdao, the world’s largest coal port by capacity (9m tones), have exceeded levels, the first time since late 2008 during the height of the financial crisis. At that time, thermal coal prices was dropped sharply. Last week, Qinhuangdao’s inventory reached 8.2m tones, up 1.1m tones in just 10 days, suggesting lack of demand.
It is clear that thermal coal prices have only one way to go: Down.
Bahana was also reduced its coal price assumptions by 15% - 38% for the period 2012 - 2014 despite yesterday’s Newcastle average coal price y-y drops nearly 15%, reflecting about 10% fall to USD 107.6 from its recent peak of USD 118.9/ton. However the current coal prices, remaining much higher than the gas prices.
As coal prices are below USD 90/ton in June 2012, the first time since August 2010, Bahana has reduced its 2012 coal benchmark price assumption by 15% to USD 97/ton (2H 12 average: USD88/ton; Current: USD89/ton) and by 29% to USD85/ton in 2013, before falling further to USD80/ton in 2014, in line with the expected fixing of China’s railway problem, which has affected imported coal usage, including Indonesia.
As a result of lower coal prices, Bahana has downgraded coal companies’ 2012 earnings by 6% - 40%, translating to lower target prices (TPs) within their coverage.
About Bahana Securities
PT. Bahana Securities was established in 1993 and 100% of its shares are owned by Perusahaan Perseroan (Persero) PT. Bahana Pembinaan Usaha Indonesia and member of the Indonesian Stock Exchange. Since its establishment up to this date BAHANA Securities strives and works hard to introduce innovation, contribution, committment to play an important role in the development of Indonesian stock exchange development.
Today BAHANA Securities provides numerous innovative services in the investment banking, stock exchange and bonds. With a reliable research ability, an efficient back office, effective IT implementation, BAHANA Securities rises to the challenges as a leading securites company in Indonesia.
Supported by trade transactions that are consistently ranked as the three biggest nasional stockbroker agency with the highest value, coupled with incisive market analysis, we were awarded "The Best Investment Bank", "The Best Equity House", and "The Best Broker" from The Assets, etc
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Saturday, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
Tuesday, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
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Showing 4731 to 4735 news of total 6871 |
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- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- The University of Queensland
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
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