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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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Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
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