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Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
 The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which had cushioned some of the blow from low oil prices, have fallen steeply, Fitch Ratings says.
According to Fitch, with little prospect of a near-term oil-price recovery and refining margins likely to remain thin, companies' ability to stabilize or even grow profits in 2016 will depend on how quickly cost-cutting measures and cost deflation in the supply chain feed through to the bottom line.
Royal Dutch Shell, Total, BP, Eni and BG all reported 3Q15 results last week. On average, their 3Q15 EBITDA fell by 26% compared with 2Q15, and cash flow from operations by 30%. The main reason was lower oil prices as Brent slid 19% from an average USD63/bbl in 2Q15 to USD51/bbl in 3Q15. The majors' 9M15 EBITDA dropped 39%, and cash from operations fell 38%, as Brent plummeted by 48%, from an average of USD107/bbl in 9M14 to USD56 in 9M15.
4Q15 may be even more painful for integrated companies as refining margins have fallen since the middle of the third quarter, which is likely to drag on profits in their downstream operations. In October, Brent Crack Rotterdam Refinery Margin, as calculated by Thomson Reuters, averaged USD4.0/bbl, compared with USD7.9 in 3Q15 and USD8.1 in 2Q15.
Part of this decline is likely to be a seasonal effect from the end of the main driving season in the northern hemisphere. But we also expect an underlying correction in margins due to overcapacity in European refining and strong competition from Middle Eastern, Russian and US refineries, which generally have access to cheaper feedstock and lower energy costs, says Fitch. BG may be the only exception. We expect its earnings to rise in 4Q15 vs 3Q15 provided oil prices do not fall. This is because BG has no exposure to refining and its production is rising due to operations ramping up in Australia and Brazil.
Apart from oil prices, majors' upstream profits will be increasingly affected by the scale of cost deflation. Oil majors are reducing costs and in some parts of the value chain, the fall has already been substantial. For example, in the offshore drilling industry the cost of hiring a rig has fallen by 30%-40% yoy, according to various sources. According to Total, rates for many other services, including marine logistics and well services, are down up to 20%. Overall, however, industry deflation is still insufficient to materially affect profits, as negotiating new contracts may take some time. We expect the impact to be more pronounced in 2016 as oil majors are now re-negotiating prices with their contractors and are aiming to reduce staff costs and streamline operations.
To balance their cash flows, oil majors are reducing capex and continuing divestments. Majors' ability to keep these commitments without jeopardizing the level and quality of reserves and production will drive their ratings in the next one or two years. For example, BP said its 2015-2017 capex will be USD17bn-19bn a year, compared with the original 2015 guidance of USD24bn-26bn announced a year ago. Total's guidance for 2015 is unchanged at USD23bn-24bn, but the company said capex will go down to USD20bn-21bn in 2016 and USD17bn-19bn a year in 2017-2019. Shell said it will prioritize debt reduction over dividends and capex.
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Tuesday, 17 November 15
FOB NEWCASTLE COAL SWAPS FALL: Q1'16 SLID 11.45% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $4.75 per ton (11.45%) month over month to US$ 36.75 per ton. The swap ...
Monday, 16 November 15
KOMIPO INVITES BIDS FOR 1.295 MILLION TONS OF BITUMINOUS COAL FOR Q1 - Q2'16
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 1,295,000 Metric Tons (MT) of minimum 4,600 kc ...
Monday, 16 November 15
SOUTH CHINA COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.05 (12.59%) per ton month over month.
A commodity swa ...
Monday, 16 November 15
CLARKSEA INDEX COMPETITION: IS IT ALL IN THE TIMING? - CLARKSONS
Readers of the Shipping Intelligence Weekly are invited each year to predict the value of the ClarkSea Index one year ahead in the first week of No ...
Monday, 16 November 15
DRY BULK MARKET: Q1' 2016 SHAPING UP TO BE A ' DISASTROUS' ONE OF PROJECTED LOWER IRON ORE IMPORTS FROM CHINA
Over the course of the past year or so, it’s been the drop of coal imports from China, which has had a detrimental effect on the course of dr ...
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Showing 2711 to 2715 news of total 6871 |
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- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Aditya Birla Group - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Australian Coal Association
- London Commodity Brokers - England
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