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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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Monday, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
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- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Australian Coal Association
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
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