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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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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Central Electricity Authority - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Petron Corporation, Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
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