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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, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
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- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
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