We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 3441 to 3445 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
|
| |
| |
|
