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