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Tuesday, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
 The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies that are the principal retailers of petroleum products, says Fitch Ratings. The decision is also likely to lead to more private firms entering the diesel market in the medium term, resulting in greater competition.
The decision to deregulate diesel prices is well-timed in light of the recent decline in international energy prices. The expected direct impact of both the diesel reform and natural gas price hike on Fitch's headline fiscal forecasts is limited; but the fiscal balances will be more robust to future oil shocks, since both diesel and petrol prices are now determined by the market. Furthermore, implementation of these politically sensitive reforms demonstrates that the government continues to roll out structural reforms gradually, and suggests that more far-reaching structural reforms may be in the pipeline.
The national oil marketing companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum - will be the principal direct beneficiaries of deregulation, and the decision is positive for these companies' standalone credit profiles. Under the previous rules, these retailers had to sell diesel (accounting for 40% of fuel sold) below market prices, and were partially compensated for the losses through the federal budget. Furthermore, the price control and subsidy system affected the working-capital positions of these companies, as there was a timing mismatch between the recognition of losses on sales and compensation from government - leading to higher debt.
The other beneficiaries are likely to be upstream oil companies such as Oil and Natural Gas Ltd and Oil India Ltd, which also bore a large part of the subsidy burden. These companies offered a USD56 per barrel discount to the national oil marketing companies - especially challenging when considering the fall in crude prices to around USD85. Fitch expects that the discount is likely to come down.
Fitch anticipates that deregulation will result in heightened competition for the existing dominant national retailers, and could hurt their profitability over the medium to long term. By allowing diesel to be marketed profitably, the sector will once again be attractive for private companies that had left when price restrictions were put in place. A large portion of the output of private refiners is exported, due in part to the restrictions placed on domestic sales. Private firms such as Reliance Industries and Essar Oil are likely to restart idled diesel retail operations, and should ultimately become more significant players. Their impact on the sector would not be seen immediately, though, as they would have to play catch-up to restart and establish retail infrastructure.
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Friday, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
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- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- The University of Queensland
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
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