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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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Monday, 24 February 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with slo ...
Monday, 24 February 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR DELIVERY APRIL - JUNE 2014 SLIDES TO $ 58.60 PMT
COALspot.com – Indonesia, the world’s the largest exporter of the thermal coal's swaps for delivery April - June 2014 slide week ended ...
Monday, 24 February 14
Q1 2015 DELIVERY COAL SWAP CLOSED AT 2.62% HIGHER THAN Q2 2014 CLOSING SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.68 percent month on month and closed at US$ 76.20 per mt as on Fr ...
Saturday, 22 February 14
SHIPPING POISED TO RALLY AFTER SEVERAL WEEKS OF DROP
COALspot.com: The freight market was steady to firm with the dry bulk index up by 6.24 pct closing at 1,175 points week on week and the cape index w ...
Saturday, 22 February 14
POTEN RAISES THE QUESTION OF ACCURACY IN CALCULATING TANKER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rat ...
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- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- The University of Queensland
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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