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