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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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Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
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- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
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