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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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Sunday, 20 April 14
FREIGHT RATES END WEEK ON WEAK NOTE - VISTAAR
Wish you all Happy Easter.
The freight market continued to its downwards as BDI was fell 7.187 percent to 930 points week on week.
The ...
Friday, 18 April 14
US WEEKLY COAL PRODUCTION DECLINED BY 1% TO 18.9 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Thursday, 17 April 14
DRY BULK MARKET ON RETREAT MODE, WHILE NEWBUILDING ORDERING ACTIVITY STALLS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating this week, a pattern which emerged since late March. Yesterday the BDI (Baltic Dry Index) ended yet a ...
Wednesday, 16 April 14
INDONESIA'S FEBRUARY 2014 COAL EXPORT VOLUME FELL 2.41%
COALspot.com: Indonesia, the world 4th largest coal producer and the global largest multi grade coal exporter shipped around $1.77* billio ...
Wednesday, 16 April 14
Q1 2014 : TERMS OF FREIGHT RATES THE PERFORMANCE IN THE DRY BULK MARKET HAS NOT MET THE HIGH EXPECTATIONS - INTERMODAL
This year the dates for the celebration of Easter will coincide for the Orthodox and the Catholic, so we are already seeing most people in the m ...
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- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- The University of Queensland
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
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