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