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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
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