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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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Wednesday, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- VISA Power Limited - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
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