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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
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