We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
Wednesday, 17 September 14
SHIPPING MARKET INSIGHT - GEORGE LAZARIDIS
Since the onslaught of 2013 the rising tide of asset prices had been primarily driven by the increasing freight market conditions and the improving ...
|
|
|
Showing 3481 to 3485 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
|
| |
| |
|
