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