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