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