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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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Wednesday, 11 March 15
DRY BULK MARKET CLOSED OFF ON THE GREEN FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The Dry Bulk market closed off on the green for a second week in a row, while the performance of Capesizes hindered a more substantia ...
Wednesday, 11 March 15
MARKET INSIGHT : NEWBUILDINGS - PANOS TSILINGIRIS
From a cost-based, buy-low perspective, there is currently a buying opportunity in the second-hand dry bulk market. I am an anti-cyclical (buy-low) ...
Wednesday, 11 March 15
DRY BULK MARKET: ALL IS NOT LOST FOR A RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The low cost of commodities across the board could trigger an increase of trade among many countries, which in turn could lead to a recovery of the ...
Wednesday, 11 March 15
U.S. ELECTRIC GENERATING COMPANIES TO ADD MORE THAN 20 GW OF GENERATING CAPACITY IN 2015; 16 GW OF GENERATING CAPACITY IS EXPECTED TO RETIRE IN 2015
COALspot.com: In 2015, electric generating companies in U.S. expect to add more than 20 gigawatts (GW) of utility-scale generating capacity to the ...
Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
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Showing 3146 to 3150 news of total 6871 |
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- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Parliament of New Zealand
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Planning Commission, India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
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