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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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- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Planning Commission, India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- GMR Energy Limited - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
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