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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, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
Wednesday, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
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- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Planning Commission, India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
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