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Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
 Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record crude production levels, Rosneft's acquisition of Bashneft in October 2016 and subsequent privatisation, as well as Gazprom's record gas sales to Europe.
According to Fitch Ratings the completed EUR10.2bn sale of a 19.5% stake in Rosneft to Glencore and the Qatar Investment Authority (QIA) is an important milestone for the sector. The ownership structure of the joint venture appears transparent: Fitch understands the joint venture that holds the stake in Rosneft is owned in equal shares by Glencore and QIA. Fitch does not rate Rosneft and therefore does not have detailed information on the transaction, but information reviewed by Fitch to date has confirmed the shareholding structure and fully resolved the agency's other questions raised at the Oil & Gas conference: "The Time for Cautious Optimism in Moscow on 15 February 2017".
In September-October 2016, Russia increased oil production by some 500,000 barrels of oil equivalent to the record volume of 11.23 million barrels of oil equivalent (mmboepd), mainly due to the launch of and continuing ramp-up across several large greenfields. Following the OPEC deal at end-November 2016, Russia agreed to cut production by some 300mboepd, bringing the post-deal volumes to 10.9mmboepd.
Fitch Ratings further noted that, in 9M16, production from certain Russian oil brownfields increased and natural decline rates moderated, mainly on significantly higher production drilling volumes that some producers demonstrated. Brownfield taxation remains high - the mineral royalty (MET) and the export duty account for 50%-60% of a typical brownfield's revenue - limiting further brownfield production growth potential.
Most Fitch-rated Russian oil and gas companies are on Stable Outlook. The Stable Outlook is driven by our expectation of stable crude production volumes and improving upstream profitability on higher forecast oil prices. Unlike their western European peers, Russian oil and gas companies did not significantly reduce capex or headcount in 2016.
Falling oil prices and taxation changes lowered downstream profitability in 9M16, resulting in higher crude exports and a 20% reduction in fuel oil production. We forecast Russian downstream to continue performing at levels similar to or slightly better than those in 2016, said Fitch Ratings.
Due to competitive gas prices and cold weather, Gazprom posted record high gas sales in Europe in 2016, while its financial results suffered from falling average gas prices. We expect Gazprom's funds from operations (FFO) net leverage to increase to around 2x on high capex; nonetheless, the leverage remains within our rating guidance.
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Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
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- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Central Electricity Authority - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
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