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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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Monday, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
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