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Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
 COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative financial impact on a number of Indian power and steel companies, says Fitch Ratings.
The decision is broadly credit negative for these sectors, but should have no impact on the ratings of any Fitch-rated steel or power sector corporates.
According to Fitch, the decision to cancel 214 of 218 coal licences follows a ruling in August in which the SCI declared the licence allocation process as arbitrary and illegal. The cancelled licences include 46 producing or near-production blocks, and are owned largely by power and steel sector companies. The producing mines will be allowed to continue operations until March 2015, at which point they will be handed back to state firm, Coal India Limited, until they are sold as part of a new auction process.
Companies with cancelled licences will not receive any compensation on account of development expenditure incurred to date, meaning these will have to be written off. They can bid for the same coal blocks when they come back on the market, while it will be an open bidding process. Furthermore, they will now have to pay for externally sourced coal, resulting in higher operating costs. The SCI's decision also levies a fine of INR295/tonne on coal produced to date from the mines affected, which could amount to INR73bn (USD1.2bn), Fitch says in its latest research report.
The negative financial impact will vary significantly depending on the company. Current credit profiles are likely to remain intact for Fitch-rated steel and power companies. The ruling has no immediate direct impact on Tata Steel Limited (BB+/Stable) and Steel Authority of India Limited (SAIL, BBB-/Stable). All but one of their operational coal mines were allocated before 1993, which are exempt from the decision. In addition, SAIL's one operational mine which was allocated after 1993 was one of the four licences upheld by the SCI as valid. The cancellation of non-operational coal licenses will not hurt credit profiles, as these have not been factored into Fitch's long-term financial projections for these companies.
Power Company NTPC Limited (BBB-/Stable) could be more vulnerable to the decision, though Fitch maintains that the broader impact will still be relatively small. Pakhri Barwadih, an NTPC mine nearing production, has been exempt from the cancellation. The status of the other nine of NTPC's 10 coal blocks is uncertain, as it is not very clear if they are also exempt - owing to the fact that NTPC is a state-owned entity. The company had expected that its captive mines would be able to serve 4.3% of its coal requirements in FY15 - rising further to 15% by FY17.
The potential long-term effects of the decision on the wider power and steel sectors will depend largely on how quickly the government proceeds with re-auctioning the licences. This could lead to more efficient development of these coal blocks in the long term should the new process go quickly. Uncertainty regarding the original allocation process had previously contributed in part to the underdevelopment and utilisation of these blocks.
However, it is important to highlight that a new and transparent auction process is just one factor needed to boost coal production in India. Other key challenges remain, including tough environmental clearances and regulatory approvals.
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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- MS Steel International - UAE
- The University of Queensland
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Australian Coal Association
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
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