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Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
 Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but involve relatively small steps or lack specifics to support a meaningful improvement in the short-term. There are entrenched structural issues affecting the performance of the power sector of India and the solution would require a sustained and disciplined policy focus.
Fitch Ratings further said in its latest report that, the Indian budget for FY15, the finance minister announced several measures for the power sector. These include an extension of the tax holiday for power projects to March 2017 from March 2015, which we consider to be positive for investment activity. The budget also called for the provision of adequate quantity of coal to power plants commissioned by March 2015. However, the budget lacked very specific measures detailing how this will be achieved.
Fitch believes that it will not be possible to raise the production of coal significantly within a year. Aside from inadequate domestic production, infrastructure bottlenecks such as rail infrastructure also continue to act as a constraint to ensuring adequate coal supplies to power plants. Among the announced measures is the rationalisation of coal linkages to reduce transportation costs of coal; while this is a good measure, we believe such a reallocation of coal resources would have operational issues and can take some time to achieve.
Domestic coal production is much lower than the requirements of the power sector, and hence we think the coal shortage at various power plants will continue. India's total coal based power capacity at April 2014 was around 140 gigawatts (GW). This is expected to increase by around 15GW per year, which would require an additional 60 million tonnes of coal. There needs to be a sustained and long term plan in order to consistently increase domestic coal production.
The new administration has intensified pressure on Coal India Limited to improve its coal delivery. At the same time, the agency understands the government may revive coal pooling (i.e. pooled prices by combining both domestic and imported coal) as the country will have to import higher quantities of coal to support demand given that domestic production may be slow to ramp-up.
India also has around 20GW of gas based power plants which are severely affected due to the low availability of domestic gas. The budget also focuses on the renewable sector - most notably solar - for which there is an allocation of INR10bn for setting up solar plants in a few states and solar power driven agricultural pump sets.
The entire ecosystem of the power sector - from generation to distribution - needs to be strengthened. The financial health of the various state utilities needs to be improved through tariff rationalization and by addressing transmission and distribution losses.
About Fitch Ratings
For 100 years, Fitch Ratings has been making the future a little more predictable through independent and prospective credit ratings, commentary and research. Our global expertise draws on local market knowledge and spans the fixed-income universe. The additional context, perspective and insights we provide have helped the world’s investors fund a century of growth.
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Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
Thursday, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
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- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- PTC India Limited - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
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