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Friday, 31 July 15
CHINA'S NEW OIL IMPORT RULES HAVE MINIMAL IMPACT ON STATUS QUO - FITCH
 Fitch Ratings says that China's looser criteria for crude oil import rights are a positive but modest step towards encouraging private-sector participation in the country's refining industry. The rating agency believes the established state-owned players will maintain their dominant market position in the country's oil and gas sector in the near to mediumn term.
China's Ministry of Commerce announced on 23 July that refiners or petrochemicaln companies that have at least one crude distillation unit with minimum yearly processing capacity of 2 million tonnes, oil storage capacity of 300,000 tonnes, and an available credit line of USD1bn from commercial banks, among other criteria, would be eligible to apply for a licence to import crude oil. Previously, the criteria included two years' experience in importing oil, which effectively ruled out many private refiners.
Fitch views this as only an initial step towards increasing private-sector participation in a market that has been dominated by state-owned enterprises (SOEs). Independent refiners' profitability could be enhanced, as those with an import license will be able to source for crude oil from more than just the country's current five designated importers, which include the three biggest oil and gas SOEs.
This latest change and the liberalisation of oil product prices that was effective September 2013 will encourage the upgrading or phasing-out of inefficient, small-scale facilities.
The incentives for private-sector companies to expand in China's refining industry, though, remain limited by regulation of oil product exports, domestic product price controls (albeit loosened), and limited domestic marketing channels. The slower demand growth in the near term and refining overcapacity, especially for diesel, would also reduce the benefits from the new rules.
The Big Three oil and gas SOEs - China National Petroleum Corporation (CNPC,A+/Stable), China Petroleum & Chemical Corporation (Sinopec, A+/Stable) and CNOOC Limited (A+/Stable) - account for over 70% of the country's refining capacity. Fitch does not expect the three companies' strong market positions and strategic importance to the state to be eroded in the foreseeable future, although their oil trading profits may be modestly trimmed. The new rules mark a continuation of the government's push for more private-sector participation in the oil and gas sector, in the same vein as Sinopec's sale of part of its marketing unit in 2014 and CNPC's disposal of some of its pipeline assets in 2013.
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Tuesday, 04 August 15
SHIPPING CYCLES - A CHESS GAME YOU DON'T WANT TO LOSE - CLARKSONS
Ingmar Bergman’s classic movie The Seventh Seal is about a knight who, during the Black Death, challenges Death to a chess match, in the hope ...
Monday, 03 August 15
NEWCASTLE COAL SWAPS DECLINE FURTHER THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.92 per MT (-4.22%) month over month to US$ 43.58 per mt. The swap ...
Monday, 03 August 15
CFR SOUTH CHINA COAL SWAPS SLIDE THIS WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.64 (3.14%) per MT month over month.
A commodity swap ...
Sunday, 02 August 15
CAPESIZE RATES PUSH BDI UPWARD
COALspot.com: The freight market was buoyant this week as BDI rose 4.14 pct to 1131 points. The cape index was also increased 16.50 pct 2209 points ...
Saturday, 01 August 15
DRY BULK MARKET KEEPS ITS MOMENTUM, AS OUTLOOK IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although conditions remain more than challenging, especially from an economic point of view (aka China’s stock worries), the dry bulk market ...
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- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
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