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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 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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Showing 141 to 145 news of total 6871 |
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- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- The University of Queensland
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
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