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Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
 The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its global sovereign sector outlook to neutral from improving. The impact of the Ukraine war and consequent sanctions on geopolitical risk, trade and capital flows, and economic growth and inflation will not be resolved in 2H22.
Policy responses are driving the fiscal effects of inflation, making post-Covid-19 pandemic consolidation that was evident last year less certain. Meanwhile the Federal Reserve and most other major central banks will tighten policy much more aggressively than anticipated, adding to funding stresses for emerging markets (EMs) with limited local-currency financing options. Commodity exporters are benefiting from high prices, but EMs that are net commodity importers face high gross external funding needs.
Sector outlooks are a general forward-looking assessment of underlying conditions relative to the prior calendar year. Emerging Europe and sub-Saharan Africa (SSA) are the only regions with deteriorating sovereign sector outlooks, indicating that we now see underlying conditions as being worse than in 2021. Sovereigns in the Commonwealth of Independent States (CIS) are exposed to Russia’s economic contraction, and many sovereigns in central and eastern Europe have insufficient alternative energy sources if Russia ceases gas exports.
Inflation and tighter global financial conditions are further weakening SSA’s macroeconomic prospects, and in many cases, the cost and availability of external financing. The region’s main oil exporters will gain from higher prices, although domestic fuel subsidies limit the fiscal benefit for Nigeria.
In western Europe, weaker GDP growth will slow, but not reverse, fiscal consolidation, while we expect APAC economies generally to continue recovering, albeit more slowly. Both regions’ sector outlooks are now neutral, versus improving at the start of the year. But while much of APAC gains from economic reopening, near-term growth in Greater China will be partly influenced by ‘zero Covid’ policies, and we expect China’s economy to grow just 3.7% this year following lockdowns in 1H22. Our Greater China sector outlook remains neutral.
Our neutral sector outlooks for North America and Latin America are also unchanged. US recession risks have risen, but its financing needs are declining and the strong post-pandemic rebound boosted revenues. Latin America’s economic recovery has remained fairly resilient as the pandemic has receded, allowing economic reopening to continue, while higher commodity prices improve terms-of-trade for some. But measures to cushion households from higher fuel and food prices are reducing the net fiscal benefits for commodity exporters and slowing consolidation elsewhere. Difficult political backdrops continue to complicate efforts to tackle underlying growth and fiscal challenges.
The Middle East and North Africa (MENA) is the only region to maintain its improving sector outlook assigned at end-2021. Oil-exporting sovereigns will register significantly stronger public finances and growth in 2022, although the economic picture will be much more challenging outside the Gulf Cooperation Council. The MENA sector outlook is supported to varying degrees by reform momentum as well as by the more constructive regional political dynamics that emerged last year.
Sector outlooks are distinct from Rating Outlooks. Notwithstanding the effects of the war in Ukraine and higher inflation, the numbers of Positive and Negative Rating Outlooks are almost equal in Fitch’s global sovereign portfolio after the balance was deeply negative during the pandemic. This partly reflects the stabilisation of Outlooks on some sovereigns, including Japan, India and Panama, since end-2021. Downgrades to Ukraine, Belarus and Tunisia have taken their ratings to ‘CCC’, where Fitch does not assign Outlooks to sovereign ratings.
More broadly, with a record-high share of sovereigns rated in the ‘B’ category or lower, additional sovereign defaults are likely as EM commodity importers face tighter global funding conditions.
Source: Fitch Ratings
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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
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