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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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Monday, 07 April 14
API 8 CFR SOUTH CHINA COAL SWAPS GAINED 2.09% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 2.09 percent month on month and closed at US$ 75.68 per ...
Sunday, 06 April 14
THE FREIGHT MARKET KEEPS SLIDING
COALspot.com: The freight market continued to drop this week. The BDI (Baltic Dry Index) is a widely followed metric that reflects the overall r ...
Friday, 04 April 14
UNITED STATES COAL OUTPUT UP 5.4% IN PAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.9 million short tons (mmst) of coal i ...
Thursday, 03 April 14
PANAMAX SECTOR IS WATCHING A SEVERE DROP IN RATES - FEARNLEYS
Handy
A further weaker sentiment for the Supras as well in both hemispheres this week with oversupply of tonnage being the major headline. Tra ...
Wednesday, 02 April 14
CHINA: ARBITRATION CLAUSES IN BILLS OF LADING UNDER CHINESE LEGAL PRACTICE - SKULD
KNOWLEDGE TO ELEVATE
Successful incorporation of a charterparty arbitration clause into the bills of lading is not a straight forward matte ...
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- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- White Energy Company Limited
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
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