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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, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
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- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- Australian Coal Association
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
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