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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, 13 April 14
INDONESIA TO INDIA FREIGHT MARKET DECLINE CONTINUES
COALspot.com: The freight market continued to drop this week and BDI almost touched 1000 points. BDI closed at 1002 points fell 16.85 pct week o ...
Saturday, 12 April 14
HOW DO YOU CALCULATE LOSS OF EARNINGS FOLLOWING A COLLISION? - INCE & CO
KNOWLEDGE TO ELEVATE
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on asses ...
Friday, 11 April 14
US COAL PRODUCTION IN MARCH INCREASED 9.69% TO 82.6 MMST MONTH ON MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.10 million short tons (mmst) of coal ...
Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the recent fall of the Baltic Dry Index (BDI), when one compares the first quarter of 2014, to similar quarters of the recent past, it i ...
Wednesday, 09 April 14
DRY BULK MARKET STRUGGLED THROUGHOUT THE WEEK - INTERMODAL
The Dry Bulk market struggled throughout the week but the poor performance across the board didn't allow for any positive reversal, pushing ...
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- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
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