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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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Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
Tuesday, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
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- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- MS Steel International - UAE
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
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