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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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Showing 3466 to 3470 news of total 6871 |
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- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
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