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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, 22 November 13
DRY BULK MARKET STILL LACKLUSTRE, DESPITE PROJECTIONS OF A NEW RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We might still be about six weeks far from the end of the year, but the projected by many analysts upcoming rally of the dry bulk market, hasn't ye ...
Friday, 22 November 13
US COAL PRODUCTION DOWN 1.3% W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.5 million short tons (mmst) of coal in ...
Thursday, 21 November 13
TAIPOWER TO PROCURE 750K MT OF 5500 GAR BITUMINOUS COAL FOR MAY - AUGUST 2014
COALspot.com: Taiwan Power Company intends to procure 750,000 metric tons of bituminous coal with calorific value not lesser than 5,500 kcal/kg on a ...
Thursday, 21 November 13
CAPESIZE : THE DOWNWARD TREND HAS TURNED INTO NOTABLE SPOT AND PERIOD IMPROVEMENT - FEARNLEYS
Handy
The Atlantic market experienced a general rate increase for most trades this week. More cargoes in the market and chrts looking for prompt t ...
Wednesday, 20 November 13
PANAMAX MARKET RESUMED ITS NEGATIVE MOVEMENT FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The recovery noted the week prior in the dry Bulk market proved to be short-lived, as the BDI slipped back down to the low 1,500 point ...
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- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- The University of Queensland
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
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