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