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Friday, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
 COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would help China to materially close its demand-supply gap, which would provide greater stability to gas prices in the country.
According to Fitch, on 9 November 2014, Gazprom and China National Petroleum Corporation signed an additional framework agreement to supply 30 billion cubic metres (bcm) of natural gas a year to China via the Altai pipeline, known as the "western route". This follows an agreement signed in May 2014 to supply 38bcm of natural gas to China via the Power of Siberia trunkline, known as the "eastern route".
While no pricing details for the latest agreement are available, Fitch considers it unlikely that the price will be much higher than the "eastern route" agreement, at or above USD350 per thousand cubic metre (around CNY2.2 per cubic metre).This is materially lower than the cost of imported liquefied natural gas (LNG) in Asia; in 2013, LNG accounted for around 15% total gas consumed in China. The two gas supply contracts would make Russia China's single largest gas supplier, overtaking Turkmenistan's 65bcm per year.
China's National Development and Reform Commission (NDRC) have an ambitious natural gas usage target of 360bcm by 2020; in 2013, the demand in China was 168bcm. Progress in securing piped gas from both Russia and central Asia is critical to achieving that target as domestic production growth has been slow.
Aside from ensuring sufficient supply, the contracts with Russia also ensure supply at prices cheaper than LNG, which will stabilise natural gas prices in China over the medium term. We estimate that a higher proportion of gas being procured through pipelines would keep China gas prices at around CNY3 per cubic metre.
Currently, domestic conventional gas is priced at around CNY1.2 per cubic metre. The NDRC has been raising the city-gate level prices to increase the economic incentives for domestic gas production as well as to compensate for the higher share of LNG in the supply. Assuming domestic conventional gas and synthetic natural gas (SNG) prices converge with the current pipeline gas price at around CNY2.2 per cubic metre, a CNY3 per cubic metre price will allow approximately CNY1 per cubic metre on average as gas transmission costs in China. On this basis, the potential gas price increase between now and 2020 will be around CNY0.5 per cubic metre, which translates to a manageable price increase of around 3% a year through 2020.
Fitch views the latest pipeline gas deal as positive for domestic city gas operators such as China Resources Gas Group Limited and ENN Energy Holdings Limited in the long run. Securing a stable supply ensures their growth potential will be fully met as China's natural gas sector has historically been constrained by insufficient domestic supply. Stabilisation of gas price, on the other hand, reduces the risk of margin compression caused by increasing gas purchasing cost and delays in pass-through to end users. China substantially closing the demand-supply gap with pipeline supplies will also mean downward pressure on Asian LNG prices, which is positive for importers. We also believe this is beneficial for the profitability of CNPC's mid-stream gas supply operations.
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Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
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- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Siam City Cement - Thailand
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
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