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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, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
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- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
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