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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, 12 November 14
PANAMAX: WITNESSED A FAIRLY STABLE MARKET IN THE ATLANTIC
COALspot.com: Despite the fact that the Dry Bulk market noted another weekly increase, clouds of uncertainty returned mid-week onwards, as the mini ...
Wednesday, 12 November 14
SHIPPING MARKET INSIGHT - CHRISTOPHER T. WHITTY
COALspot.com: The fight continues between the low-cost iron ore producers and the big three: Vale, Rio Tinto and BHP Billiton. We are moving into a ...
Tuesday, 11 November 14
FACING CHALLENGES AND MEETING OPPORTUNITIES - INTERNATIONAL EPC CONFERENCE & EXHIBITION
Press Release: SKYCONNECTION and TRANSEVENT, which is fully supported by the Institution of Engineers Indonesia and Ministry of Industry of the Rep ...
Tuesday, 11 November 14
NEWCASTLE COAL SWAP CLOSED AT $ 52.65 FOR Q1' 15 DELIVERY
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery decreased US$ 2.83 (-5.10%) month over month and US$ 1.35 (-2.50%) week ove ...
Tuesday, 11 November 14
PORT OF NEWCASTLE'S OCTOBER COAL SHIPMENTS SLIPPED 7.40% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,115.7 mil ...
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- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
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