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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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Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
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- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
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