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Wednesday, 23 April 14
EUROPE WOULD BE HARD PRESSED TO REPLACE RUSSIAN GAS, FITCH RATINGS SAYS
 A ban on Russian gas imports to the EU would cause substantial disruption to Europe's economy and industry, Fitch Ratings says. In the immediate aftermath, the region would suffer from gas shortages and high prices due to its limited ability to reduce demand, source alternative supplies and transport gas to the most affected countries. A surge in gas prices after a ban would probably also have knock-on effects on electricity, coal and oil prices. Industry would bear the brunt of supply shortages as household demand would be given priority.
A lengthy ban on Russian gas is a low-probability, but high-impact scenario. Russia supplies around 27% of Europe's gas and, given the high cost a ban would impose on all sides, we believe it would take a severe deterioration in the Ukraine crisis for it to happen. A temporary disruption just affecting gas supplies via Ukraine is a more likely scenario, for which Europe is better prepared due to high reserves and the recent opening of a new pipeline from Russia to Germany.
In the event of a lengthy ban imposed by either Europe or Russia, gas-intensive sectors such as steel and chemicals would be most affected. This would accelerate the closure or mothballing of capacity that is suffering from low profitability due to competition from low-cost energy jurisdictions such as the US or Middle East. In particular, issuers without geographic and product diversification would be most at risk of adverse rating action.
In 2013 Russia supplied 145bcm of gas to Europe, which would have great difficulty in sourcing alternative supplies. Increased European gas production and North African piped gas could offset a small proportion of this. Tapping into the global LNG market would yield limited volumes as Europe's Russian gas demand equates to nearly half of the world's LNG production, which is already mostly tied to long-term supply contracts. Hence, gas and other energy prices could surge.
In theory, Europe has plenty of unused LNG regasification capacity, which could help replace some Russian supplies. But the majority of plants are located in Southern Europe and the UK, far away from the Central and Eastern European countries that are most reliant on Russian gas. The European gas networks suffer from bottlenecks, which limit the ability to transport gas across borders.
Demand reduction initiatives would only be of limited benefit. Japan was able to reduce power demand by 4.7% following the Fukushima disaster, but this was partly weather-related and achieving that level of reduction across 28 countries with their own agendas and exposures would be far harder.
For more details on the impact that a ban on Russian gas would have on Europe, please see the report "Living Without Russian Gas - Replacing Russian Gas in the Short-term" published today and available from www.fitchratings.com. The report is the first in a series that will examine the potential impact on European utilities and how Europe could reduce its energy reliance on Russia in the longer term.
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Thursday, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
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- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Planning Commission, India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
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