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Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that these sovereigns fall into three categories, Fitch Ratings says.
Lower oil prices will primarily affect sovereign credit fundamentals through their fiscal and external positions. They generally pose the greatest risk to the credit profiles of sovereigns with high fiscal breakeven prices and that are already running fiscal deficits, such as Bahrain, Angola, Venezuela, and Ecuador.
The least vulnerable Fitch-rated sovereigns are Kuwait, Abu Dhabi, and Norway. As high per capita producers, they need to devote less of their oil revenues to meeting their populations' needs, giving fiscal breakeven oil prices well below prevailing prices. Large buffers have been built in recent years and these sovereigns should continue to record fiscal and external surpluses and strengthen buffers even if oil prices settle at current levels.
A third category exists for whom lower oil prices would push fiscal surpluses or close-to-balanced budgets into deficits from 2015, eroding fiscal and external buffers. For these sovereigns, ratings pressures could build in 2015 if prices do not recover but how quickly and to what extent this happens will depend on various factors, including the size of existing buffers (Saudi Arabia has the largest buffers in this category), the broader impact of cheaper oil on commodity-dependent economies (including those with significant buffers, like Russia), and policy responses that may accentuate or contain the impact of falling oil prices.
Policy responses could also contain the direct impact of prices on the most vulnerable sovereigns, although these may have knock-on effects on the sovereign credit profile.
Oil prices have fallen sharply, with Brent crude dropping from USD115/b in mid-June to close to USD80/b.
Fitch’s full report 'Oil: Fiscal Breakevens are a Key Guide to Exporter's Sovereign Credit Risk' is available to subscribers at www.fitchratings.com or by clicking the link.
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Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- MS Steel International - UAE
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
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