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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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Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
Wednesday, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
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- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
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