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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
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