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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
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