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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, 08 August 14
CAPESIZE RATES ARE REMAINING MORE OR LESS UNCHANGED AT BOTTOM LOW LEVELS - FEARNLEYS AS
Handy
An improving sentiment with stronger rates and fair demand for prompt tonnage in the Atlantic, both on the Continent and in the Med for the ...
Friday, 08 August 14
U.S PRODUCED 35.80 MMST OF COAL IN JULY; UP 7.89 MONTH OVER MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.50 million short tons (mmst) of coal in ...
Friday, 08 August 14
PORT OF NEWCASTLE SHIPPED 19.52% MORE COAL IN JULY FROM LAST MONTH
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped 14,036,947 t ...
Thursday, 07 August 14
SHORT-TERM COAL OUTLOOK IMPROVES - SAM QUEST
With demand for and supply of coal to grow in the near future, prices are expected to rebound in the short term; the long-term prospects, however, ...
Thursday, 07 August 14
BULKING UP IN AFRICA: CHINA INFLATES SEABORNE MINERALS EXPORT TRADE - RICHARD SCOTT
Africa’s profile as an exporter of dry bulk commodities is rising. Responding to growing import demand from China, India and other buyers in ...
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- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Planning Commission, India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Indogreen Group - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
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