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