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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, 26 January 23
AUSTRALIA'S CORONADO GLOBAL SEES COAL PRICES RISING ON RESUMING CHINA IMPORTS - REUTERS
Australia’s Coronado Global Resources said on Tuesday resuming metallurgical coal imports to China would likely push sea-borne coal prices hi ...
Monday, 23 January 23
CHINA'S MAJOR COAL-PRODUCING PROVINCE ACCELERATES DIGITAL TRANSFORMATION - XINHUA
At Chindata Group’s big-data industrial park in Lingqiu County of Datong City, hundreds of thousands of servers are running round-the-clock t ...
Monday, 23 January 23
CHINA'S COAL-RICH PROVINCE SEES COAL PRODUCTION INCREASE IN 2022 - XINHUA
North China’s coal-rich province of Shanxi saw its coal production hit 1.31 billion tonnes in 2022, up 8.7 percent year on year, local author ...
Wednesday, 18 January 23
MARKET INSIGHT - INTERMODAL
From Feb 5, another price cap will be introduced to Russian fuels and oil products, adding to the one for crude oil, already in place from Dec. 3. ...
Tuesday, 17 January 23
FRAUD IS THE BIGGEST THREAT TO CARGO LOSSES - TT CLUB
The almost exclusive use of online facilities to process business transactions allows a myriad of fraudulent pursuits to find opportunities within ...
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- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
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