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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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Wednesday, 22 January 14
HANDY/SMAX: TALK OF RATES INDICATES A STEADY TO FIRMING TREND - INTERMODAL
Last week closed off on the red once more for the Dry Bulk market, which continues to see freight rates trying to get steady feet. Nonetheless, with ...
Wednesday, 22 January 14
EXPORT BAN ON UNPROCESSED MINERALS EFFECTIVE 12 JANUARY 2014 - THREE - YEAR REPRIEVE FOR SOME, BUT UNCERTAINTY REMAINS: PWC
COALspot.com: On 11 January 2014, only hours before a long-debated ban on the export of unprocessed minerals was to come into effect, the Government ...
Wednesday, 22 January 14
DRY SECTOR: SENTIMENT REMAINS STRONG - INTERMODAL
As we have now entered 2014 and the Chinese are soon entering their Year of the Horse (sit tight for the ride!), it is a great opportunity to see ho ...
Wednesday, 22 January 14
SGX SUCCESSFULLY LAUNCHED FREIGHT FUTURES
COALspot.com: Singapore exchanged announced that, SGX Freight Futures were successfully launched on 20 January 2014, and the first trade ...
Tuesday, 21 January 14
PORT OF NEWCASTLE SHIPPED SLIGHTLY MORE COAL WEEK ON WEEK
COALspot.com: In the week ended 20 January 14, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2. ...
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- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
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