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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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Monday, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
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- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
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