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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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- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
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