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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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Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
Friday, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
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- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Parliament of New Zealand
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
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