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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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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 h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
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