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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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Friday, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
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- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Agrawal Coal Company - India
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