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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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Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
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- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
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