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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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Saturday, 14 February 15
SHALE GAS AND TIGHT OIL ARE COMMERCIALLY PRODUCED IN JUST FOUR COUNTRIES - EIA
KNOWLEDGE TO ELEVATE
The United States, Canada, China, and Argentina are currently the only four countries in the world that are producing com ...
Friday, 13 February 15
U.S. WEEKLY COAL PRODUCTION SHOWS 10% DECLINE
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.1 million short tons (mmst) of coal ...
Friday, 13 February 15
SMALL AND MEDIUM-SIZED SHIP OWNERS SQUEEZED OUT OF THE MARKET ON CRASHING DRY BULK MARKET AND EUROZONE CRISIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Financing issues have started to tighten the noose in the throats of small and medium-size ship owners, who were already facing problems over the p ...
Thursday, 12 February 15
CAPESIZE: THE BEST DESCRIPTION FOR THE MARKET IS, FLAT - FEARNRESEARCH
Handy
The handy and supra market is also being affected by the marginal volume of activity in the commodity sales. We see a small upturn in the T ...
Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
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- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
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