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