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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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Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
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Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- The University of Queensland
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Australian Coal Association
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
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