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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, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
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- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- The University of Queensland
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Minerals Council of Australia
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