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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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Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
Friday, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
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- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
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