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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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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- The University of Queensland
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
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