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Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
 Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, with an increasing share of liquefied natural gas in their overall production mix amid a low oil price environment. Australian liquefied natural gas (LNG) volumes are typically sold under long-term contracts with oil-indexed prices. Low oil prices will, therefore, have a higher impact on their 2015 margins, given lags against oil price changes.
Any adverse impact on their credit profiles from current low oil prices will, however, be manageable in the near-term. Sustained very low oil prices will, nonetheless, have a meaningful impact on their margins and trim their rating headroom. Companies have responded through announcements of sizeable capex and opex cuts in 2015 to manage the impact of an extended period of low oil prices. These include scale-back and deferral of capex related to exploration and international development activities and a focus on costs and operational efficiencies, but at the cost of long-term earnings potential.
Australian upstream companies will focus on core exploration and production activities in the current low oil price environment and are likely to monetise non-core asset in the medium-term. These will include sales of gas pipelines related to liquefaction facilities under development in Queensland. Falling oil prices and balance sheet pressures faced by other producers, have, however, also presented growth opportunities for the larger Australian producers. For instance, Woodside Petroleum Ltd (Woodside, BBB+/Stable) announced its agreement to acquire Apache Corporation's (BBB+/Stable) equity in the Australia-based Wheatstone LNG development and in the Canada-based Kitimat LNG project in December 2014; Origin Energy Ltd (Origin, BBB+/Stable) announced its conditional agreement to acquire 40% in two offshore exploration permits in the Browse basin in June 2014.
Australian gas liquefaction capacity will be significantly higher by end-2015 with the start of liquefaction capacity currently under development. Moreover, production capacity growth will remain higher over 2016 to 2018 reflecting a ramp-up across a number of these developments and the expected start of other committed projects under development.
Australian projects, however, face higher development costs, with continuing cost-overruns and schedule slippages. Four out of the seven Australian LNG projects under construction have made cost revisions and schedule change announcements since their first approval. Further announcements of project cost-blowouts and schedule delays are likely as more projects move towards completion. Some 58 million tonnes per annum (mtpa) of capacity is presently under development in Australia compared to the 28mtpa in operation at end-2014.
The price for Australian LNG supplies will be lower in 2015 reflecting loose demand-supply conditions in Asia and the flow-on impact of oil prices during the year. High supply costs of Australian LNG and lower Asian LNG prices will moderate buyer appetite for further new Australian projects. We, therefore, expect a slowdown in further capacity additions. There had been a considerable slowdown in approval of new LNG projects since 2011, with no new LNG trains committed in the past two years.
The credit profile of Australian upstream companies will reflect the near-term benefits of their announced capex and opex cuts, with any consequent adverse impact on long-term earnings potential. Furthermore, sales proceeds from any non-core asset sales will support their credit profile. However, the companies are more exposed to lower earnings from a sustained deterioration in oil prices, resulting in lower headroom within their current rating levels. Any upward rating action is unlikely given expectations of a slow recovery of oil prices. Liquidity remains adequate, with sizeable cash balances and undrawn committed facilities as at 31 December 2014.
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Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Tuesday, 24 March 15
A WEAK WEEK FOR FOB INDONESIA COAL SWAP
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 2.48 (5.12%) month ...
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- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Planning Commission, India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
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