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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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Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
Monday, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
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- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- PTC India Limited - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Parliament of New Zealand
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