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Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
 COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative financial impact on a number of Indian power and steel companies, says Fitch Ratings.
The decision is broadly credit negative for these sectors, but should have no impact on the ratings of any Fitch-rated steel or power sector corporates.
According to Fitch, the decision to cancel 214 of 218 coal licences follows a ruling in August in which the SCI declared the licence allocation process as arbitrary and illegal. The cancelled licences include 46 producing or near-production blocks, and are owned largely by power and steel sector companies. The producing mines will be allowed to continue operations until March 2015, at which point they will be handed back to state firm, Coal India Limited, until they are sold as part of a new auction process.
Companies with cancelled licences will not receive any compensation on account of development expenditure incurred to date, meaning these will have to be written off. They can bid for the same coal blocks when they come back on the market, while it will be an open bidding process. Furthermore, they will now have to pay for externally sourced coal, resulting in higher operating costs. The SCI's decision also levies a fine of INR295/tonne on coal produced to date from the mines affected, which could amount to INR73bn (USD1.2bn), Fitch says in its latest research report.
The negative financial impact will vary significantly depending on the company. Current credit profiles are likely to remain intact for Fitch-rated steel and power companies. The ruling has no immediate direct impact on Tata Steel Limited (BB+/Stable) and Steel Authority of India Limited (SAIL, BBB-/Stable). All but one of their operational coal mines were allocated before 1993, which are exempt from the decision. In addition, SAIL's one operational mine which was allocated after 1993 was one of the four licences upheld by the SCI as valid. The cancellation of non-operational coal licenses will not hurt credit profiles, as these have not been factored into Fitch's long-term financial projections for these companies.
Power Company NTPC Limited (BBB-/Stable) could be more vulnerable to the decision, though Fitch maintains that the broader impact will still be relatively small. Pakhri Barwadih, an NTPC mine nearing production, has been exempt from the cancellation. The status of the other nine of NTPC's 10 coal blocks is uncertain, as it is not very clear if they are also exempt - owing to the fact that NTPC is a state-owned entity. The company had expected that its captive mines would be able to serve 4.3% of its coal requirements in FY15 - rising further to 15% by FY17.
The potential long-term effects of the decision on the wider power and steel sectors will depend largely on how quickly the government proceeds with re-auctioning the licences. This could lead to more efficient development of these coal blocks in the long term should the new process go quickly. Uncertainty regarding the original allocation process had previously contributed in part to the underdevelopment and utilisation of these blocks.
However, it is important to highlight that a new and transparent auction process is just one factor needed to boost coal production in India. Other key challenges remain, including tough environmental clearances and regulatory approvals.
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Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
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- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- The University of Queensland
- Siam City Cement - Thailand
- Planning Commission, India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
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