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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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Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
Thursday, 21 August 14
PREDICTIONS FROM VARIOUS SHIPPERS AND MINING INDUSTRY FOR 2ND HALF YEAR AND ESPECIALLY Q4 IS POSITIVE
Handy
The activity has increased in both hemispheres this week and we see rates edging up on all trades. TA´s are now paying around 8k whic ...
Thursday, 21 August 14
SHIP OWNERS KEEP SHYING AWAY FOR NEW SHIP INVESTMENTS, OVERALL TREND IS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have remained in the sidelines of the Sale & Purchasing market for second hand vessels, during most of August, while they also slow ...
Wednesday, 20 August 14
DRY BULK MARKET TO REBOUND IN THE FOURTH QUARTER, OR NOT....- NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The projected rebound of the dry bulk market is still an elusive trend and shipbrokers and analysts are looking to identify the timing of the loomi ...
Monday, 18 August 14
CAPESIZE RATES TO RISE TO MUCH HIGHER LEVELS THIS YEAR - JEFFREY LANDSBERG
COALspot.com: Capesize rates ended last week at $15,561/day, which marked a week-on-week increase of $6,167 (66%). Capesize rates have been a ...
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- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- The University of Queensland
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
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