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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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Monday, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Monday, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
...
Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
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- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
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