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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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Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
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- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Australian Coal Association
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- VISA Power Limited - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
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