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Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
 Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but involve relatively small steps or lack specifics to support a meaningful improvement in the short-term. There are entrenched structural issues affecting the performance of the power sector of India and the solution would require a sustained and disciplined policy focus.
Fitch Ratings further said in its latest report that, the Indian budget for FY15, the finance minister announced several measures for the power sector. These include an extension of the tax holiday for power projects to March 2017 from March 2015, which we consider to be positive for investment activity. The budget also called for the provision of adequate quantity of coal to power plants commissioned by March 2015. However, the budget lacked very specific measures detailing how this will be achieved.
Fitch believes that it will not be possible to raise the production of coal significantly within a year. Aside from inadequate domestic production, infrastructure bottlenecks such as rail infrastructure also continue to act as a constraint to ensuring adequate coal supplies to power plants. Among the announced measures is the rationalisation of coal linkages to reduce transportation costs of coal; while this is a good measure, we believe such a reallocation of coal resources would have operational issues and can take some time to achieve.
Domestic coal production is much lower than the requirements of the power sector, and hence we think the coal shortage at various power plants will continue. India's total coal based power capacity at April 2014 was around 140 gigawatts (GW). This is expected to increase by around 15GW per year, which would require an additional 60 million tonnes of coal. There needs to be a sustained and long term plan in order to consistently increase domestic coal production.
The new administration has intensified pressure on Coal India Limited to improve its coal delivery. At the same time, the agency understands the government may revive coal pooling (i.e. pooled prices by combining both domestic and imported coal) as the country will have to import higher quantities of coal to support demand given that domestic production may be slow to ramp-up.
India also has around 20GW of gas based power plants which are severely affected due to the low availability of domestic gas. The budget also focuses on the renewable sector - most notably solar - for which there is an allocation of INR10bn for setting up solar plants in a few states and solar power driven agricultural pump sets.
The entire ecosystem of the power sector - from generation to distribution - needs to be strengthened. The financial health of the various state utilities needs to be improved through tariff rationalization and by addressing transmission and distribution losses.
About Fitch Ratings
For 100 years, Fitch Ratings has been making the future a little more predictable through independent and prospective credit ratings, commentary and research. Our global expertise draws on local market knowledge and spans the fixed-income universe. The additional context, perspective and insights we provide have helped the world’s investors fund a century of growth.
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Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
Thursday, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
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- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
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