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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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Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
Thursday, 21 August 14
PREDICTIONS FROM VARIOUS SHIPPERS AND MINING INDUSTRY FOR 2ND HALF YEAR AND ESPECIALLY Q4 IS POSITIVE
Handy
The activity has increased in both hemispheres this week and we see rates edging up on all trades. TA´s are now paying around 8k whic ...
Thursday, 21 August 14
SHIP OWNERS KEEP SHYING AWAY FOR NEW SHIP INVESTMENTS, OVERALL TREND IS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have remained in the sidelines of the Sale & Purchasing market for second hand vessels, during most of August, while they also slow ...
Wednesday, 20 August 14
DRY BULK MARKET TO REBOUND IN THE FOURTH QUARTER, OR NOT....- NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The projected rebound of the dry bulk market is still an elusive trend and shipbrokers and analysts are looking to identify the timing of the loomi ...
Monday, 18 August 14
CAPESIZE RATES TO RISE TO MUCH HIGHER LEVELS THIS YEAR - JEFFREY LANDSBERG
COALspot.com: Capesize rates ended last week at $15,561/day, which marked a week-on-week increase of $6,167 (66%). Capesize rates have been a ...
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- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
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