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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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Wednesday, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
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- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
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