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Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
 The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first quarter. According to ministry data, coal accounts for about 80 percent of Indonesia’s mining revenue and about 25 percent of Indonesian coal companies are IUP license holders.
The move is intended to help meet the revised 2015 state budget’s non-tax mineral revenue target of Rp 31.7 trillion (US$2.46 billion), up 28.9 percent from the earlier budget due to a reduced oil and gas non-tax revenue target. The revised budget includes a sharp fall of 63.7 percent in oil and gas non-tax revenue, amounting to Rp 81.4 trillion, due to reductions in the oil price assumption ($60 per barrel) and oil-lifting target of 825,000 barrels per day.
The administration of former president Susilo Bambang Yudhoyono planned to raise royalty payments, but the implementation was delayed due to weakening coal prices. The Indonesia Coal Producer Association had proposed that the increase be postponed as it felt royalty hikes would hurt coal miners and might not yield optimum state income in the weak coal environment, proposing instead that the government focus on reducing illegal coal mining.
The association had proposed raising royalties at a coal price of $100 per metric ton, and the Finance Ministry had countered with an $80 per metric ton proposed threshold. However, the upcoming increase is not price-dependent. The royalties will be assessed ad valorem based on coal type.
The coal price has risen 11 percent in the year-to-date but is down 9.8 percent year-on-year, to $69.2 per metric ton as of Feb. 18. The recent coal price increase is due to Glencore’s (not rated) plan to cut coal output by 50 percent in its South Africa operations. Glencore is the largest exporter of seaborne thermal coal.
In addition, the latest US Energy Information Administration (EIA) report indicates that US coal production is down 10 percent week-on-week to 18.1 million metric tons as of Feb. 12. That said, China’s plan to cut greenhouse-gas emissions by 30-50 percent could lead to continued weak coal prices. In 2014, only eight of the 74 cities monitored by China’s Environmental Protection Ministry met national pollution standards.
We have conducted a sensitivity analysis on the effects of the royalty increase on our coverage group. We believe PT Tambang Batubara Bukit Asam (PTBA) will suffer the most, as all of its mines hold IUPs. PT Indo Tambangraya Megah (ITMG) should be the second-hardest hit, as its Kitadin mine holds an IUP.
PT Adaro Energy (ADRO) has only one IUP site, Balangan, of which conservatively, its coal production should reach 1 million metric tons in 2015, as the site is still being developed. On PT Harum Energy (HRUM), the company suspended production early in 2015 at its IUP site, Tambang Batubara Harum, due to the lower benchmark coal price.
Thus, at this stage, we reiterate our sector call on coal.
The writer is a research analyst in Bahana Securities’ researchdepartment.
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Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
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- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
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