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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, 13 March 14
HANDY: THE FAR EAST MARKET IS IN AN UPWARD TREND - FEARNRESEARCH
Handy
Atlantic is a bit under pressure for spot tonnage, but the underlying sentiment is positive for the short medium future. 2-3 legs are do ...
Thursday, 13 March 14
MARKET INSIGHT - CHRISTOPHER T. WHITTY
By Christopher T. Whitty
Marketing Manager
Cotzias Intermodal Shipping Inc.
During the last year we have noticed that a fair number of ...
Wednesday, 12 March 14
ADARO ENERGY IMPROVES EFFICIENCY AND GENERATED STRONG EBITDA IN 2013
COALspot.com: PT Adaro Energy Tbk, Indonesia's single largest coal miner posted revenue of US$ 3.28 billion and cost of revenue of US$ 2.54 ...
Wednesday, 12 March 14
DGOMC OF INDONESIA REVISED DOWN THE BENCHMARK PRICES FOR COAL BY 4.26% IN MARCH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down the government's declared coal bench mark price ...
Wednesday, 12 March 14
DRY BULK VESSELS STILL THE CREAM OF THE CROP FOR SHIP OWNERS
Dry bulk carriers have remained the most popular vessel type among ship owners as proven by the sheer number of second hand vessel sales and new ...
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- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
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