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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, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
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