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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, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
Wednesday, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
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- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- PTC India Limited - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
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