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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, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- The University of Queensland
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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