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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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Thursday, 20 March 14
CAPESIZE: WEST AUSTRALIA TO CHINA RATES HAVE CLIMBED BACK TOWARD USD 11 PMT - FEARNRESEARCH
Handy
From a slight improvement in the Atlantic to a more mixed picture this mid week. North Atlantic rounds showing softening signs whereas S ...
Wednesday, 19 March 14
INSTEAD OF DECIDING WHETHER THE GLASS IS HALF FULL OR HALF EMPTY, I AM CURRENTLY GLAD THERE IS WATER IN THE GLASS - EVA TZIMA
By Eva Tzima
Research Analyst
Intermodal Research & Valuations
Right when you think that you have all your facts straight, right wh ...
Wednesday, 19 March 14
EUROCOKE SUMMIT 2014
Press Release: ThyssenKrupp, Steel Institute VDEh, SSI and more headline Smithers Apex’s Eurocoke Summit
The leading coke, coal and s ...
Wednesday, 19 March 14
DRY BULK MARKET REBOUND LEADS TO MORE NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The steady rise of the dry bulk market, as evidenced by the return, yesterday, of the Baltic Dry Index above the 1,500-point mark (1,518), is fu ...
Tuesday, 18 March 14
SECOND QUARTER SUB-BIT FOB INDONESIA COAL SWAP LOST 3.27% IN A MONTH
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
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- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Minerals Council of Australia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- PTC India Limited - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- VISA Power Limited - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Central Electricity Authority - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Bangladesh Power Developement Board
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