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