April 10 (Reuters) – Solar panels prices have kept marching lower this year, extending steep declines seen in 2011 and keeping pressure on hard-hit manufacturers who have struggled to eke out profits, industry experts said.

Average selling prices for the photovoltaic modules that turn sunlight into electricity have dropped to 80 to 85 cents per watt, a decline of more than 10 percent from levels near 95 cents recorded at the end of 2011, a year that saw prices fall by about 50 percent.

Those price drops have helped boost solar sales and made solar power less dependent on subsidies to compete against fossil fuels. But they also have virtually erased profits at the major manufacturers, such as China’s Suntech Power Holdings , Yingli Green Energy Holding, Trina Solar Ltd and U.S.-based First Solar.

Shares in Suntech, the world’s largest solar maker, are trading at $2.71 per share, less than a third their February 2011 level, although they have rebounded from their October low of $1.70.

Shares in Yingli and Trina, which had seen a modest rally in January and February, have come under more pressure. Both have slumped to their lowest levels of the year.

First Solar, the largest U.S. solar manufacturer and the world’s lowest-cost producer, has seen its shares drop nearly 90 percent from 2011′s peak to their lifetime low at $20.02 hit earlier this month.

DEMAND TO FLATTEN

Feb 29 (Reuters) – Dry bulk transporters, already hit by an oversupply of ships, could be forced to operate their vessels below breakeven for a much longer period than feared as top iron ore consumer China looks to cut down on imports.

China’s iron ore imports may fall up to 14 percent this year as domestic output ramps up, a mining industry group said on Wednesday. The country buys about 60 percent of the world’s seaborne iron ore.

The commodity makes up for nearly half of the global drybulk cargo that is transported by sea in vessels owned by companies such as Genco Shipping & Trading Ltd , Excel Maritime Carriers, Diana Shipping and DryShips.

“Decline in Chinese iron ore imports for 2012 would be a highly negative development for the (larger) capesize markets,” said Rahul Kapoor, a Singapore-based analyst at investment bank RS Platou Markets.

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying commodities such as iron ore, coal and grains, has fallen 84 percent from its highs in 2008.

“The market is still pricing in ore imports to continue growing year-on-year, albeit at a slower pace than 2011 and help capesize segment stage a recovery in 2H12 from the current depressed levels.”

Capesize vessels, which commanded rates of more than $50,000 in their heydays of 2008, now manage just $6,000, below even those earned by smaller and nimbler ships such as panamaxes and supramaxes.

By Krishna N Das and Vaishnavi Bala

(Reuters) – Medium-sized U.S. oil and natural gas producers forecast higher production for this year, with some of them set to outspend their cash flows, when many of their bigger rivals are cutting output citing decade-low gas prices.

Natural gas prices, which traded at $11 per million British thermal units (mmBtu) levels three years ago, are now languishing at $2.67, as production from unconventional shale fields flood the market.

The glut has prompted top companies such as Chesapeake Energy (CHK.N: Quote, Profile, Research, Stock Buzz) and Encana Corp (ECA.TO: Quote, Profile, Research, Stock Buzz) to cut their gas output and arrest a steep fall in their share price.

Smaller companies such as Bill Barrett Corp (BBG.N: Quote, Profile, Research, Stock Buzz), meanwhile, are banking on hedging to make up for weak prices.

“We are well positioned to meet the challenges of 2012 with approximately 62 percent of our projected natural gas production hedged at $4.08 per thousand cubic feet on average…,” Bill Barrett Chief Executive Fred Barrett said in a statement.

Swift Energy (SFY.N: Quote, Profile, Research, Stock Buzz), Gulfport Energy (GPOR.O: Quote, Profile, Research, Stock Buzz), Denbury Resources (DNR.N: Quote, Profile, Research, Stock Buzz), LINN Energy (LINE.O: Quote, Profile, Research, Stock Buzz) and Bill Barrett are all looking to boost production this year.

By Krishna N Das

(Reuters) – First Solar (FSLR.O: Quote, Profile, Research, Stock Buzz) said the U.S. Department of Energy (DOE) has not released funds for its 230-megawatt Antelope Valley project in California due to construction permit issues, a development that could undo the sale of the project to Exelon Corp (EXC.N: Quote, Profile, Research, Stock Buzz).

First Solar shares, down more than 66 percent over the last one year, fell as much 10 percent to $44.25 in early trade on Friday on the Nasdaq.

In September, the DOE had finalized an up to $646 million loan and loan guarantee to support financing for the Antelope project in northern Los Angeles County, California.

First Solar said in a regulatory filing on Thursday that if initial funding for the project does not come by February 24, it will have to buy the project back from Exelon for about $75 million, plus costs.

They could also decide to extend the deadline.

“We believe Exelon will not exit (the Antelope project) over minor issues like a construction permit,” Auriga USA analyst Hari Chandra Polavarapu wrote in a note.

Dec 8 (Reuters) – MEMC Electronic Materials Inc slashed its outlook for the current quarter and said it will cut jobs and reduce capacity as the silicon-wafer maker grapples with lower demand.

The company will cut more than 1,300 jobs, or a fifth of its workforce, and will be idling some of its facilities, as it looks to lower costs amid a severe downturn in the renewable energy sector.

MEMC, like its solar-wafer rivals LDK Solar and Renesola, has seen a sharp decline in its margins and sales as prices for renewable energy systems fell by 40 percent. A number of solar companies have gone bankrupt and a host of them have cut capacity.

MEMC will reduce capacity at its Portland, Oregon crystal facility. It also plans to idle its polysilicon facility in Merano, Italy and may close it unless “dramatic feedstock, power, and other cost reductions are achieved in the near term.”

“We expect capacity related actions in solar materials to lower the average cost of our modules for our downstream solar energy systems and provide greater manufacturing flexibility in the future,” Chief Financial Officer Mark Murphy said on a conference call with analysts.

MEMC said about 250 of the positions to be eliminated are in the United States. An estimated 41 percent are in its semiconductor materials segment and 47 percent in the solar materials segment.

The company expects to take a related charge of $700 million in the fourth quarter.

BANGALORE (Reuters) – Infosys Ltd (INFY.NS: Quote, Profile, Research, Stock Buzz) expects its third-quarter revenue growth closer to the lower end of its forecast as customers delay decisions on large contracts, its chief executive said.

The Bangalore-based company, a pioneer in India’s $76 billion IT sector, has grown rapidly by employing thousands of engineers in low-cost Indian centers but is seeing its pace of growth slowing amid a sputtering U.S. economy and the European debt crisis.

“Economic uncertainties are slowing down decisions,” S.D. Shibulal, also a co-founder of Infosys, said at the Reuters India Investment Summit in Bangalore.

“We’re clearly seeing it. The slowness has increased in the last month or month and a half,” he said.

Infosys had forecast quarter-on-quarter revenue growth of 3.2-4.5 percent for the October-December period.

“We’re also seeing higher scrutiny of larger contracts … larger contracts are difficult to come by,” Shibulal said, adding that consumer and customer confidence was very low.

India’s No. 2 software services exporter is facing severe competition from rivals Tata Consultancy Services (TCS.NS: Quote, Profile, Research, Stock Buzz), Cognizant Technology (CTSH.O: Quote, Profile, Research, Stock Buzz), IBM (IBM.N: Quote, Profile, Research, Stock Buzz) and Accenture (ACN.N: Quote, Profile, Research, Stock Buzz) in clinching large deals.

BANGALORE (Reuters) – Infosys Ltd expects its third-quarter revenue growth closer to the lower end of its forecast as customers delay decisions on large contracts, its chief executive said.

The Bangalore-based company, a pioneer in India’s $76 billion (48 billion pound) IT sector, has grown rapidly by employing thousands of engineers in low-cost Indian centres but is seeing its pace of growth slowing amid a sputtering U.S. economy and the European debt crisis.

“Economic uncertainties are slowing down decisions,” S.D. Shibulal, also a co-founder of Infosys, said at the Reuters India Investment Summit in Bangalore.

“We’re clearly seeing it. The slowness has increased in the last month or month and a half,” he said.

Infosys had forecast quarter-on-quarter revenue growth of 3.2-4.5 percent for the October-December period.

“We’re also seeing higher scrutiny of larger contracts … larger contracts are difficult to come by,” Shibulal said, adding that consumer and customer confidence was very low.

India’s No. 2 software services exporter is facing severe competition from rivals Tata Consultancy Services, Cognizant Technology, IBM and Accenture in clinching large deals.

Nov 17 (Reuters) – General Maritime Corp, a crude oil and refined petroleum products shipper, filed for Chapter 11 bankruptcy protection on Thursday, becoming the latest victim of a downturn triggered by an oversupply of vessels amid weak demand.

Bankers expect more bankruptcies and restructuring in the sector as daily rates for vessels fall below their operating costs, hurting companies’ cash flows and ability to comply with loan agreements.

General Maritime, which listed total assets of $1.72 billion and liabilities of $1.41 billion as of September end, said private equity firm Oaktree Capital Management will provide it with $175 million in equity.

The company’s lenders have also agreed to defer cash payments of about $140 million to June 2014.

“(Oaktree investment) is good in this situation as tanker markets will stay soft for at least 2-3 years,” First Securities ASA analyst Erik Folkeson said.

“However, they will still have a negative operating cash flow. The question is, when will the markets turn and will they have sufficient cash to live through a long period of tough market?”

The company has a commitment for up to $100 million in new debtor-in-possession financing from a group of lenders, led by Nordea as the administrative agent. The debtors are expecting the company to emerge from bankruptcy in the spring of 2012.

Oct 28 (Reuters) – Arch Coal Inc posted a lower-than-expected quarterly profit as flooding in the U.S. Midwest hit shipments and West Virginia mine costs rose, but it forecast record exports this year on strong demand from Asian steelmakers.

Shares of the St. Louis-based company rose 6 percent to $19.37 on Friday on the New York Stock Exchange. The stock had lost 48 percent of its value this year by Thursday’s close.

The coal producer maintained its earnings estimates for the full year, and unveiled higher-priced sales commitments for next year.

For 2012, Arch has a commitment to sell 93.3 million tons of coal from the Powder River Basin (PRB) in Wyoming at an average price of $14.49 per ton, higher than some of its recent contracts.

“On the positive side, Arch booked 2012 PRB thermal coal prices well above our estimate for average uncommitted PRB thermal coal,” Brean Murray, Carret & Co analyst Lucas Pipes said in a note.

The price of PRB coal is generally less than that of coal produced in other regions as it exists in greater abundance, is easier to mine and has a lower cost of production. PRB coal’s heat content is generally lower.

“We are seeing a real demand for PRB coal which is benefiting from the rebuilding efforts from PRB served generators that are seeing their stockpiles dip below normal and from interest in ultra low sulfur coal,” Chief Operating Officer John Eaves said on a conference call.

Oct 27 (Reuters) – Airgas Inc beat Wall Street estimates with a 17 percent rise in quarterly profit, as manufacturing and energy customers kept demand high, prompting the industrial gas supplier to raise its full-year adjusted earnings outlook.

Manufacturing, medical, petrochemical and utilities sectors are the strongest customer bases for Airgas, which supplies canisters of oxygen, argon and other gases used in construction, healthcare and many other industries.

Airgas shares were up 1.5 percent at $70.34 at midday on Thursday on the New York Stock Exchange.

“On the strength of our second quarter results and outlook for sustained volumes in the coming quarter, we have raised our earnings guidance for fiscal 2012,” Airgas Chief Executive Peter McCausland, who founded the company in 1982, said on a conference call.

“October sales are trending well, consistent with the favorable daily sales run rates we saw in September.”

He said Airgas continues to see strength in the manufacturing-intensive regions of the United States and in its petrochemical and energy customers.

Rival Praxair Inc earlier this week reported a slightly higher-than-expected quarterly profit, while Air Products’ earnings came in line with Wall Street’s expectations.