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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.
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Tuesday, 15 September 15
API 5 FOB NEWCASTLE COAL SWAP FOR 4Q' 2015 DELIVERY CLOSED AT $42.71 PER TON ON 11 SEPT, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.94 per MT (-2.15%) month over month to US$ 42.71 per mt. The sw ...
Monday, 14 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP DECLINED $1.80 PMT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.62 (3.21 %) per MT month over month.
A commodity ...
Monday, 14 September 15
MOODY'S LOWERS COMMODITY PRICE ASSUMPTIONS ON MACRO, INDUSTRY FACTORS
COALspot.com: Moody's Investors Service has lowered its base metal price assumptions for 2015-17 as slowing growth in China, lower oil prices, ...
Sunday, 13 September 15
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI decreased further by 6.51 per cent or 57 points since last Friday and closed at 818 on 11 September 2015 while the cape index ...
Friday, 11 September 15
SHIPPING MARKETS SHOW MIXED EMOTIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has managed to show marginal improvements over the past few days, with the Capesize segment faring better than smaller dry bulk ...
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Showing 2816 to 2820 news of total 6871 |
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- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Australian Coal Association
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
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