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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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Sunday, 08 March 15
FREIGHT RATES FROM INDONESIA TO INDIA IS TRENDING UP
COALspot.com: The freight market continued to see gains this week and all the indices were rose except for Cape index. The BDI was increased 4.62 p ...
Friday, 06 March 15
BALTIC DRY INDEX: IS THIS POWERFUL INDICATOR SIGNALING A GLOBAL RECESSION? - STREET AUTHORITY
Although memories of the Great Recession linger, a case can be made that better days lie ahead.
That’s because central banks around the ...
Friday, 06 March 15
U.S. WEEKLY COAL PRODUCTION ROSE 3.5% WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.1 million short tons (mmst) of coal ...
Thursday, 05 March 15
PANAMAX : THE ATLANTIC ROUND IS NOW PAYING AROUND US$ 5K PER DAY
COALspot.com: Handy - The activity in the handy/supra segment is back. “ We see more fresh cargo in the market for 2nd half March dates ...
Thursday, 05 March 15
INDIA WILL BE THE LARGEST DRIVER OF GLOBAL SEABORNE COKING COAL DEMAND GROWTH IN 2015 - WOOD MACKENZIE
Global demand growth will remain weak because of China’s negative demand growth.
COALspot.com: At Coaltrans India, Wood Mackenzie says I ...
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- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
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