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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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Friday, 17 January 14
SPOT COAL PRICE TRENDS IN US VARY ACROSS KEY BASINS DURING 2013, SAYS EIA
COALspot.com: Spot steam coal price trends in US varied across key basins in 2013, a latest EIA report says. Compared with 2012, while total coal de ...
Thursday, 16 January 14
PANAMAX : THE GAP BETWEEN SPOT AND PERIOD HAS INCREASED IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
In the Atlantic we have seen rates slowly sliding on lack of enough fresh business. USG/Continent still paying excess 28k and seems on an upw ...
Thursday, 16 January 14
SHIP OWNERS SCRAP 1,119 SHIPS DURING 2013 ON THE BACK OF OVERSUPPLY ISSUES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Scrapping of older vessels is still the best bet that ship owners can make, in order to improve their newer vessels' fortunes, amid an oversupply o ...
Wednesday, 15 January 14
KOREA MIDLAND POWER CO INVITES BIDS FOR 360K MT OF SUB-BITUMINOUS COAL FOR ITS BORYEONG PLANT
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 360,000 Metric Tons (MT) of sub-bituminous ...
Wednesday, 15 January 14
CFR SOUTH CHINA COAL SWAPS FALL BY 6.57% MONTH ON MONTH
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery lost 6.57 percept month on month and closed at US$ 78.90 per mt as ...
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- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Australian Coal Association
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Planning Commission, India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
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