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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, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
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- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Parliament of New Zealand
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
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