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