We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
|
|
|
Showing 161 to 165 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Eastern Coal Council - USA
- VISA Power Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- The University of Queensland
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
|
| |
| |
|
