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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
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