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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, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
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- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- MS Steel International - UAE
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
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