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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, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
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- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
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