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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, 20 December 13
US PRODUCED 2.71% MORE COAL WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal in ...
Friday, 20 December 13
DRY BULK MARKET SLUMPS AHEAD OF HOLIDAY SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As has been the case in recent years, the dry bulk market has been on a downward trend ahead of the Holiday Season for a large part of the world. Th ...
Thursday, 19 December 13
SHIPPING CONFIDENCE HITS THREE-YEAR HIGH - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for more than three years over the three-month period to November 201 ...
Wednesday, 18 December 13
SNP ACTIVITY IN CHINA SEEMS TO BE SLOWING DOWN - CHRISTOS TRAGEAS
Approaching the end of the year, SnP activity in China seems to be slowing down in comparison to the first half of this quarter, as most Chinese Shi ...
Wednesday, 18 December 13
DEMOLITION ACTIVITY SCALED BACK AS FREIGHT RATES RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's always been the case that each time we witness a spike in freight rates, demolition activity is decreasing, as owners are looking for more car ...
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- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
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