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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, 28 January 14
DRY BULK SHIP OWNERS RETREAT TO OLD 'HABITS', REFUSING TO DEMOLISH OLD VESSELS, THREATENING MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
If one thing is clear as we reflect on the 2013 shipping markets, it's that ship owners took advantage of low prices, in order to acquire newer ton ...
Monday, 27 January 14
MERCATOR SINGAPORE REPORTS 52% INCREASE IN EBITDA FOR Q3 FY 2014 AS COMPARED TO PREVIOUS QUARTER
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company that operates a fleet of fourteen d ...
Monday, 27 January 14
13TH CLEAN COAL FORUM 2014
COALspot.com: (Press Release) - Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12 &13 2014 in Beijing, China. We a ...
Monday, 27 January 14
Q3 & Q4 API 8 CFR SOUTH CHINA COAL SWAPS CONTINUE TO REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swaps for average Q1 14 delivery lost 4.45 percent month on month and closed at US$ 79.05 per mt as on Frid ...
Monday, 27 January 14
Q3 2014 SUB-BIT INDONESIA COAL SWAP LOST GROUND, ENDS AT $60 PMT
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost 2.29% pmt month on month on Friday 24 January 2014. Th ...
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- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
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