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