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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, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
Thursday, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
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- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- The University of Queensland
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Australian Coal Association
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