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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, 30 January 14
PANAMAX MARKET IS SOFTENING ON LESS ACTIVITY IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
In the Atlantic rates have been slowly sliding but ows can still achieve decent money for TArv´s. USG positions still being fixed in re ...
Thursday, 30 January 14
TANKER PROFITABILITY IS THE 'MILLION-DOLLAR' QUESTION FOR SHIP OWNERS THIS YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market conditions are expected to remain challenging throughout the year for tanker owners, but even more pressing will be the issue of a ...
Tuesday, 28 January 14
GLOBAL COKING AND STEAM COAL PRODUCTION HAVE GROWN 2% TO 3% TO ABOUT 7.1 BILLION TONNES AS OF THE END OF 2013 - VDKI
COALspot.com (Press Release): Initial figures on the world hard coal market at the VDKi ((Association of Coal Importers - German) New Year’s R ...
Tuesday, 28 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS JUMP 13.75% WEEK ON WEEK
COALspot.com: In the week ended 27 January 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 28 January 14
RESOURCE NATIONALISM OR PROTECTIONISM FOR THE MINING AND EXTRACTIVES INDUSTRY - JOHN WHITTAKER & MICHAEL SWANGARD
Resource nationalism or protectionism for the mining and extractives industry as well as soft commodities sector and the oil industry.
‘Res ...
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- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Vedanta Resources Plc - India
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