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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, 10 July 14
SGX EXPANDS ACROSS THE BULKS WITH NEW COAL PRODUCTS
COALspot.com: Singapore Exchange (SGX) is expanding its bulk commodity derivatives offering by launching new coking and thermal coal products on 4 ...
Thursday, 10 July 14
HANDY: SMALL INCREASE; PANAMAX: POSITIVE TONE; CAPESIZE: PAPER VALUES REMAIN WEEK
Handy
It is a general increase in activity in both hemispheres whereas rates have just experienced a small increase. In the Feast we see stable a ...
Wednesday, 09 July 14
SHIP INVESTMENTS ARE TRENDING LOWER
Most ship owners are deeming current ship prices on the high side, refraining from making serious commitments in new acquisitions or newbuilding or ...
Wednesday, 09 July 14
INDIAN GOVERNMENT ADVISED POWER UTILITIES TO INCREASE COAL IMPORTS
COALspot.com: The government of India has advised power utilities to increase coal imports to meet fuel shortages and those that have fuel supply p ...
Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
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- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- White Energy Company Limited
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
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