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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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Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
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- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- White Energy Company Limited
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
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