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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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Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
Monday, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
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- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
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