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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, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- MS Steel International - UAE
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- The University of Queensland
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
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