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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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Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
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- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
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