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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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Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
Wednesday, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
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- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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