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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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Wednesday, 02 April 14
BPI BREAKING BELOW THE 1,000 PSYCHOLOGICAL LEVELS - INTERMODAL
Any resistance put forth by the Dry Bulk market the week prior was succumbed this time round. All indices slid and losses were noted across the ...
Tuesday, 01 April 14
NEWCASTLE PORT SHIPPED 11.95 MILLION TONS OF COAL IN MARCH 2014
COALspot.com: In the week ended 31 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 31 March 14
SHIPPING CONFIDENCE HITS HIGHEST LEVEL SINCE 2008 - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, ...
Monday, 31 March 14
COAL SWAP FOR Q1 2015 DELIVERY HAS CLOSED 4.76% HIGHER COMPARED Q2 14 CLOSING
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Monday, 31 March 14
CFR SOUTH CHINA COAL SWAP FOR Q2 14 DELIVERY LOST 1.17% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.17 percent month on month and closed at US$ 75.38 per m ...
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- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- CNBM International Corporation - China
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
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