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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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- The Treasury - Australian Government
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
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