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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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Tuesday, 16 September 14
INDONESIAN GOVERNMENT DECLARED HBA SUFFERED ANOTHER SETBACK IN SEPTEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in September. HBA for ...
Tuesday, 16 September 14
INDONESIAN COAL OUTPUT WON'T EXCEED 421M TONS: GOVT - JP
The government is optimistic that it will meet its coal production target for this year, which caps nationwide production at a flat number compared ...
Monday, 15 September 14
CHINA'S COAL PROPOSALS LEAVE SOME HOPE FOR EXPORTERS - DAILY NEWS
When the best thing you can say about new policies is that they aren’t as bad as they could have been, then you know your industry is in deep ...
Monday, 15 September 14
SUB-BIT FOB INDONESIA COAL SWAP, JANUARY 2015 DELIVERY GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.40 (+0.78%) day on day and US$ 0.55 (+1.08%) per mt week on week. The ...
Monday, 15 September 14
CFR SOUTH CHINA COAL SWAP GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 2.30 (-3.36%) month over month, but increased day on day a ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Australian Coal Association
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
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