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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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Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
Sunday, 08 March 15
FREIGHT RATES FROM INDONESIA TO INDIA IS TRENDING UP
COALspot.com: The freight market continued to see gains this week and all the indices were rose except for Cape index. The BDI was increased 4.62 p ...
Friday, 06 March 15
BALTIC DRY INDEX: IS THIS POWERFUL INDICATOR SIGNALING A GLOBAL RECESSION? - STREET AUTHORITY
Although memories of the Great Recession linger, a case can be made that better days lie ahead.
That’s because central banks around the ...
Friday, 06 March 15
U.S. WEEKLY COAL PRODUCTION ROSE 3.5% WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.1 million short tons (mmst) of coal ...
Thursday, 05 March 15
PANAMAX : THE ATLANTIC ROUND IS NOW PAYING AROUND US$ 5K PER DAY
COALspot.com: Handy - The activity in the handy/supra segment is back. “ We see more fresh cargo in the market for 2nd half March dates ...
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- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- The University of Queensland
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
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