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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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Tuesday, 21 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Interocean Group of Companies - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- PTC India Limited - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- The University of Queensland
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- CNBM International Corporation - China
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Parliament of New Zealand
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
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