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