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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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Thursday, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
Tuesday, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
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Showing 3186 to 3190 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
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