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