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Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
 Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the significance of the Canal to global trade. Significant disruptions will crimp profitability for US LNG producers, create a tighter LNG shipping market and affect the US Gulf Coast petrochemical industry.
"Given the enormous strategic and financial importance of the Canal to Panama, we expect the gridlock to be resolved," says Andrew Buckland, Senior LNG Shipping Analyst at Wood Mackenzie. "If the delays last 6 –12 months, it will have limited impact, as trade will carry on much as it does now, but further delays threaten the investments of a significant number of groups that are set to benefit from expanded capacity on the waterway."
The expansion will benefit users depending on the position of their ports in relation to the canal, particularly the US, whose cargo accounts for 65% of total cargo moved through the canal.
"When completed, US coal suppliers will see some of the greatest benefits from the expansion as they will realise substantial cost and time savings, even when compared with Colombian and Venezuela suppliers. The shortening of the route to Asian markets will result in greater opportunities," added Jaime Correal, Senior Coal Markets Analyst at Wood Mackenzie.
Wood Mackenzie's cross-sector analysis highlights the possible impact of further delays for coal, gas and oil trade:
Coal Industry
- If the canal expansion is further delayed, Australia and Canada could grow its market share in the Asia Pacific, delaying the opportunity for US Gulf coal suppliers to benefit from the expansion.
- US Gulf coal suppliers can achieve savings of about US$4.72 per tonne ($/t) on ocean freight rates using capesize vessels through the Panama Canal when compared with a routing of the same size vessel via the Cape of Good Hope and Sunda Straits. The Canal will save 9.7 days and the cost savings will increase trade of thermal and metallurgical coal from the US to Japan, Vietnam and eventually China via US Gulf Coast ports.
- US suppliers will become more efficient into countries located in the Pacific Coast of South America, especially Chile where Colombian producers have traditionally dominated the coal market.
- Although the expanded canal will accommodate capesize vessels, cargo weight will be limited to less than 140,000 payable load tonnes, which will restrict the passage of fully loaded vessels.
- US coal exports from the US East coast to China will lose the opportunity of capturing additional market share in China and South America.
- The trip to China from the East coast via the Panama Canal cuts 6.2 days and can help to realize savings of US$0.89/t assuming time charter rates of US$60,000/day for a capesize vessel
LNG Industry
- LNG is not currently traded through the Panama Canal as most LNG vessels are too wide to fit through the locks. The expansion project will allow all but the very largest LNG ships to use the Panama Canal.
- A delay until early 2016 will impact the first US Gulf LNG exports from Sabine Pass. This will impose a higher shipping cost to target markets in Asia as ships will need to take a longer route via the Cape of Good Hope. However, the differential between US and Asian gas prices will still make the trade profitable and initial volumes will be small as the project ramps up.
- The LNG shipping market will be tighter (with higher spot-market freight rates) than it would otherwise have been as volumes from Trinidad and the USA will have to travel the long way round to Asia. The LNG shipping market is expected to weaken between now and 2016 as new ships are delivered to the market before new capacity comes on-stream.
Oil Industry
- We do not expect there to be any impact on Venezuelan crude exports to China: Trade will continue to be more cost effective in Very Large Container Carriers (VLCCs) that are too big to fit through the expanded canal.
- Supports higher product prices in Chile and exposes US exports to higher shipping costs.
- Supports product exports via alternate routes.
Editor’s notes:
Wood Mackenzie is a global leader in commercial intelligence for the energy, metals and mining industries. We provide objective analysis and advice on assets, companies and markets, giving clients the insights they need to make better strategic decisions. For more information visit: www.woodmac.com
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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
...
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- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
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