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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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- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
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