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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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Thursday, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
Tuesday, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
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- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- White Energy Company Limited
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
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