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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 February 14
SUPRAMAX: IN ASIA IS IMPROVING SIGNIFICANTLY AND TURNED FROM APS TO DOP MARKET
Handy
The activity is back in the market after Chinese holidays. Supramax in Asia is improving significantly and turned from APS to DOP market. We ...
Wednesday, 19 February 14
NEWCASTLE PORT SHIPPED 30% MORE COAL WEEK ON WEEK
COALspot.com: In the week ended 17 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 18 February 14
PERUVIAN HIGH COMMISSIONER FOR MINING AFFAIRS WILL BE KEY NOTE SPEAKER AT THE COLOMBIAN COAL CONFERENCE 2014
Press Release: The High Commissioner for Mining Affairs in the Presidency of the Peruvian Council of Ministers, General (R) Daniel Urresti Elera, ha ...
Monday, 17 February 14
US COAL PRODUCTION IN 2013 FELL TO ITS LOWEST LEVEL IN 20 YEARS
COALspot.com: U.S coal production for 2013 totaled an estimated 996 million short tons (MMst), 21 MMst (2%) lower than in 2012. It is the first time ...
Monday, 17 February 14
Q1 2015 COAL SWAPS CLOSED $ 2.21 HIGHER THAN Q2 2014 SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 3.16 percent month on month and closed at US$ 76.12 per mt as o ...
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- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- The University of Queensland
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
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