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