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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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Tuesday, 04 March 14
HIGHER PRICES AND STEADY FREIGHT RATES LEAD SHIP OWNERS TO TEMPORARILY HALT SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P m ...
Monday, 03 March 14
SUB-BIT INDONESIA COAL SWAP (FOB) FOR AVERAGE Q115 CLOSED AT $60.28, $ 1.70 HIGHER THAN 2Q14
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slightly corrected do ...
Monday, 03 March 14
API 8 CFR SOUTH CHINA SWAPS: Q4' 2014 DELIVERY CLOSED US$ 1.40 HIGHER COMPARED TO Q2' 2014 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.90 percent month on month and closed at US$ 76.27 per mt as on Fr ...
Monday, 03 March 14
COSTS LIABILITY PASSING DOWN A CHARTERPARTY CHAIN - SKULD
KNOWLEDGE TO ELEVATE
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred shoul ...
Sunday, 02 March 14
THE FREIGHT MARKET WAS STEADY TO FIRM THIS PAST WEEK - CAPT. REDDY
COALspot.com: The freight market was steady to firm this past week. The BDI was up 7.06 pct and closed at 1258 points and the cape index was also fi ...
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- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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