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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, 08 August 14
CAPESIZE RATES ARE REMAINING MORE OR LESS UNCHANGED AT BOTTOM LOW LEVELS - FEARNLEYS AS
Handy
An improving sentiment with stronger rates and fair demand for prompt tonnage in the Atlantic, both on the Continent and in the Med for the ...
Friday, 08 August 14
U.S PRODUCED 35.80 MMST OF COAL IN JULY; UP 7.89 MONTH OVER MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.50 million short tons (mmst) of coal in ...
Friday, 08 August 14
PORT OF NEWCASTLE SHIPPED 19.52% MORE COAL IN JULY FROM LAST MONTH
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped 14,036,947 t ...
Thursday, 07 August 14
SHORT-TERM COAL OUTLOOK IMPROVES - SAM QUEST
With demand for and supply of coal to grow in the near future, prices are expected to rebound in the short term; the long-term prospects, however, ...
Thursday, 07 August 14
BULKING UP IN AFRICA: CHINA INFLATES SEABORNE MINERALS EXPORT TRADE - RICHARD SCOTT
Africa’s profile as an exporter of dry bulk commodities is rising. Responding to growing import demand from China, India and other buyers in ...
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- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- The University of Queensland
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
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