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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, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
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- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- PTC India Limited - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
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