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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, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
Tuesday, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies tha ...
Tuesday, 21 October 14
LOW DEMAND PUTTING COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost on day, week and month.
The swap has lost US$ 1.57 (-3.04%) month on month ...
Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix ...
Monday, 20 October 14
CFR SOUTH CHINA COAL SWAPS FAILED TO PERFORM POSITIVE
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 3.04 (-4.57%) month over month and US$ 1.75 (-2.68%) week o ...
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- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Planning Commission, India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Australian Coal Association
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
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