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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 $69.2 per metric ton as of Feb. 18. The recent coal price increase is due to Glencore’s (not rated) plan to cut coal output by 50 percent in its South Africa operations. Glencore is the largest exporter of seaborne thermal coal.
In addition, the latest US Energy Information Administration (EIA) report indicates that US coal production is down 10 percent week-on-week to 18.1 million metric tons as of Feb. 12. That said, China’s plan to cut greenhouse-gas emissions by 30-50 percent could lead to continued weak coal prices. In 2014, only eight of the 74 cities monitored by China’s Environmental Protection Ministry met national pollution standards.
We have conducted a sensitivity analysis on the effects of the royalty increase on our coverage group. We believe PT Tambang Batubara Bukit Asam (PTBA) will suffer the most, as all of its mines hold IUPs. PT Indo Tambangraya Megah (ITMG) should be the second-hardest hit, as its Kitadin mine holds an IUP.
PT Adaro Energy (ADRO) has only one IUP site, Balangan, of which conservatively, its coal production should reach 1 million metric tons in 2015, as the site is still being developed. On PT Harum Energy (HRUM), the company suspended production early in 2015 at its IUP site, Tambang Batubara Harum, due to the lower benchmark coal price.
Thus, at this stage, we reiterate our sector call on coal.
The writer is a research analyst in Bahana Securities’ researchdepartment.
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Thursday, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- The University of Queensland
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
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