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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
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