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