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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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Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has fell US$ ...
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- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Planning Commission, India
- White Energy Company Limited
- Mercator Lines Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Australian Coal Association
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
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