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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
 Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, fertiliser producers and consumer goods companies, Fitch Ratings says. Smaller companies in these industries are under the most pressure, while larger and more diversified issuers rated by Fitch are better positioned to mitigate the impact. Gas prices could remain high until the end of the winter heating season, given low levels of natural gas in European storage facilities. However, we expect prices to moderate once seasonal demand reduces.
High gas prices and working capital fluctuations have already caused several non-integrated UK gas suppliers (not rated by Fitch) to ask for state support in fulfilling their supply obligations to customers.
The Spanish government has introduced a levy on low-carbon power producers to support smaller suppliers.
Supply is typically a small part of larger Fitch-rated integrated utilities in Europe, which are able to pass costs on to most customer groups, or hedge. Although we expect higher gas prices to increase regulatory risks, the rated utilities’ diversification by jurisdiction and business line, including electricity production and distribution networks, cushions the impact. The unfolding situation in the European gas market may further accelerate the energy transition in the utility sector towards renewables.
Fertiliser producers have been severely affected by rising gas prices. Gas is a key input in ammonia production, which is further used in urea and DAP production. Several ammonia plants in Europe have cut their output or have temporarily shut down operations. Larger Fitch-rated fertiliser producers with a global presence are able to continue production in other regions or source ammonia from third parties, limiting the impact. Producers may also seek to increase fertiliser prices to pass costs onto consumers.
Agriculture and food producers are affected by challenges in the fertiliser sector. Agribusinesses may face shortages in fertiliser supplies and increased prices, most likely increasing their costs in the next season’s harvest. However, meat processors and carbonated drinks manufacturers, particularly in the UK, already face disruptions due to CO2 shortages, which is a by-product of ammonia manufacturing and is used in meat and fizzy drinks production. Geographically diversified food and beverages producers are better positioned to mitigate such shortages.
The record-high prices in Europe are driven by increased demand (due to the wider economic recovery and weather-related factors), competition with Asia for LNG, and a limited supply response from Gazprom, Europe’s largest supplier, providing about a third of Europe’s gas. Prices have also risen due to market fears of a gas deficit during the winter heating season due to low European storage utilisation compared to previous years.
Utilisation at Gazprom-linked storage facilities (around 10% of European capacity) is particularly low, affecting average utilisation rates in Austria, Germany and the Netherlands. Furthermore, unlike September in recent years, Gazprom has not offered any meaningful volumes for delivery this or next year via its electronic sales platform (a sales channel for short-term gas deliveries, used in addition to sales under long-term contracts). Gazprom’s total exports should increase in 2021 but this is unlikely to be sufficient to re-balance the market. Starting the new Nord Stream 2 pipeline, which is facing difficulties in obtaining necessary approvals from regulators in Europe, may affect the availability of additional gas volumes.
We have recently increased our short-term gas price assumptions. However, we expect a normalisation of demand and potential additional supplies to result in a return to mid-cycle pricing from 2023.
Source: Fitch Ratings
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Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
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- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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