We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
 The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which had cushioned some of the blow from low oil prices, have fallen steeply, Fitch Ratings says.
According to Fitch, with little prospect of a near-term oil-price recovery and refining margins likely to remain thin, companies' ability to stabilize or even grow profits in 2016 will depend on how quickly cost-cutting measures and cost deflation in the supply chain feed through to the bottom line.
Royal Dutch Shell, Total, BP, Eni and BG all reported 3Q15 results last week. On average, their 3Q15 EBITDA fell by 26% compared with 2Q15, and cash flow from operations by 30%. The main reason was lower oil prices as Brent slid 19% from an average USD63/bbl in 2Q15 to USD51/bbl in 3Q15. The majors' 9M15 EBITDA dropped 39%, and cash from operations fell 38%, as Brent plummeted by 48%, from an average of USD107/bbl in 9M14 to USD56 in 9M15.
4Q15 may be even more painful for integrated companies as refining margins have fallen since the middle of the third quarter, which is likely to drag on profits in their downstream operations. In October, Brent Crack Rotterdam Refinery Margin, as calculated by Thomson Reuters, averaged USD4.0/bbl, compared with USD7.9 in 3Q15 and USD8.1 in 2Q15.
Part of this decline is likely to be a seasonal effect from the end of the main driving season in the northern hemisphere. But we also expect an underlying correction in margins due to overcapacity in European refining and strong competition from Middle Eastern, Russian and US refineries, which generally have access to cheaper feedstock and lower energy costs, says Fitch. BG may be the only exception. We expect its earnings to rise in 4Q15 vs 3Q15 provided oil prices do not fall. This is because BG has no exposure to refining and its production is rising due to operations ramping up in Australia and Brazil.
Apart from oil prices, majors' upstream profits will be increasingly affected by the scale of cost deflation. Oil majors are reducing costs and in some parts of the value chain, the fall has already been substantial. For example, in the offshore drilling industry the cost of hiring a rig has fallen by 30%-40% yoy, according to various sources. According to Total, rates for many other services, including marine logistics and well services, are down up to 20%. Overall, however, industry deflation is still insufficient to materially affect profits, as negotiating new contracts may take some time. We expect the impact to be more pronounced in 2016 as oil majors are now re-negotiating prices with their contractors and are aiming to reduce staff costs and streamline operations.
To balance their cash flows, oil majors are reducing capex and continuing divestments. Majors' ability to keep these commitments without jeopardizing the level and quality of reserves and production will drive their ratings in the next one or two years. For example, BP said its 2015-2017 capex will be USD17bn-19bn a year, compared with the original 2015 guidance of USD24bn-26bn announced a year ago. Total's guidance for 2015 is unchanged at USD23bn-24bn, but the company said capex will go down to USD20bn-21bn in 2016 and USD17bn-19bn a year in 2017-2019. Shell said it will prioritize debt reduction over dividends and capex.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 22 September 15
1Q16 FOB INDONESIA COAL SWAP DECLINED 6.49 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 2.29 (-5.42%) per t ...
Tuesday, 22 September 15
FOB RICHARDS BAY COAL SWAPS FALL CONTINUES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Monday, 21 September 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED HIGHER THAN Q2' 16 SWAP
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery increased $0.43 per ton (1.01%) month over month to US$ 42.95 per ton. The ...
Monday, 21 September 15
CFR SOUTH CHINA COAL SWAP GAINED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 0.45 (0.90 %) per ton month over month.
A commodit ...
Monday, 21 September 15
KOMIPO OF KOREA INVITES BIDS FOR BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 390,000 Metric Tons (MT) of minimum 4,600 kcal ...
|
|
|
Showing 2801 to 2805 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- The University of Queensland
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
|
| |
| |
|
