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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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Monday, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Monday, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
...
Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
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- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- PTC India Limited - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
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