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