We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
|
|
|
Showing 3151 to 3155 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
|
| |
| |
|
