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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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Wednesday, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Planning Commission, India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
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