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