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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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Showing 3431 to 3435 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
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