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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, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
Tuesday, 24 February 15
IHS ENERGY COAL CONFERENCE OF THE AMERICAS
Attend the IHS Energy Coal Conference of the Americas 17-19 March in Cartagena, Colombia and learn about timely concerns in today's coal indust ...
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- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- The University of Queensland
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
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