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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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Vedanta Resources Plc - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- PTC India Limited - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
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