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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 these sovereigns fall into three categories, Fitch Ratings says.
Lower oil prices will primarily affect sovereign credit fundamentals through their fiscal and external positions. They generally pose the greatest risk to the credit profiles of sovereigns with high fiscal breakeven prices and that are already running fiscal deficits, such as Bahrain, Angola, Venezuela, and Ecuador.
The least vulnerable Fitch-rated sovereigns are Kuwait, Abu Dhabi, and Norway. As high per capita producers, they need to devote less of their oil revenues to meeting their populations' needs, giving fiscal breakeven oil prices well below prevailing prices. Large buffers have been built in recent years and these sovereigns should continue to record fiscal and external surpluses and strengthen buffers even if oil prices settle at current levels.
A third category exists for whom lower oil prices would push fiscal surpluses or close-to-balanced budgets into deficits from 2015, eroding fiscal and external buffers. For these sovereigns, ratings pressures could build in 2015 if prices do not recover but how quickly and to what extent this happens will depend on various factors, including the size of existing buffers (Saudi Arabia has the largest buffers in this category), the broader impact of cheaper oil on commodity-dependent economies (including those with significant buffers, like Russia), and policy responses that may accentuate or contain the impact of falling oil prices.
Policy responses could also contain the direct impact of prices on the most vulnerable sovereigns, although these may have knock-on effects on the sovereign credit profile.
Oil prices have fallen sharply, with Brent crude dropping from USD115/b in mid-June to close to USD80/b.
Fitch’s full report 'Oil: Fiscal Breakevens are a Key Guide to Exporter's Sovereign Credit Risk' is available to subscribers at www.fitchratings.com or by clicking the link.
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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
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