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