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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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Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
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- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- ICICI Bank Limited - India
- PTC India Limited - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
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