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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, 19 March 15
INDONESIAN COAL BENCHMARK SOAR 7.69% IN MARCH....!!!
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised up Indonesian coal benchmark prices to US$ 67.76 per MT in March ...
Wednesday, 18 March 15
AVERAGE RATE FOR CAPES MOVED TO BELOW $ 4K/DAY LAST WEEK - INTERMODAL
COALspot.com: The even heavier losses noted in the Capesize segment last week, denied the Dry Bulk market a third weekly positive, while the smalle ...
Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While ...
Wednesday, 18 March 15
CHINA-OWNED SHIPS: A RAPID RISE TO BECOME ONE OF THE WORLD'S LARGEST FLEETS - RICHARD SCOTT
Ships operated by owners based in China have become increasingly prominent on the world’s sea routes. China-owned container ships, bulk carri ...
Wednesday, 18 March 15
Q2 INDONESIAN COAL SWAP DROP 1.45% M-O-M; GAIN 0.63% W-O-W
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and gained week over week.
The Q2 swap fell US$ 0.70 (1.45%) ...
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- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Singapore Mercantile Exchange
- Planning Commission, India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
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