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