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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, 16 March 15
API 5 FOB NEWCASTLE COAL SWAPS: DECLINED
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 2.48 per MT (-4.77%) month over month and US$ 0.93 (-1.84%) we ...
Monday, 16 March 15
CFR SOUTH CHINA THERMAL COAL SWAP DECLINED 3.74% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 2.17 (-3.74%) per MT month over month and US$ 0.67 (-1 ...
Sunday, 15 March 15
BDI DECLINED LESSER THAN 1% WEEK OVER WEEK; INDO-INDIA FIRM
COALspot.com: The most of indices, including bulk dry index were falling this week. The BDI has been down by just 0.53 points and closing at 562 po ...
Saturday, 14 March 15
CAPESIZE DRY BULKERS TO AVERAGE BETWEEN $3,000 AND $9,000/DAY IN THE COMING WEEKS SAYS BIMCO
BIMCO issued its latest short-term estimates for the dry bulk market. For March/May: BIMCO assesses that the Capesize time charter (T/C) average ra ...
Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
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- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- White Energy Company Limited
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
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