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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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Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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Showing 3366 to 3370 news of total 6871 |
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- The University of Queensland
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
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