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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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Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
Monday, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
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- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Australian Coal Association
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Bhatia International Limited - India
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