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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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Monday, 09 November 15
CFR SOUTH CHINA THERMAL COAL SWAP FOR Q3' 16 CONTRACT DECLINED US$ 4 PER TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.35 (9.03 %) per ton month over month.
A commodity swa ...
Monday, 09 November 15
INDIAN THERMAL COAL IMPORTS SURGED 18%; COKING COAL 6.31% DURING APRIL-OCTOBER: BUSINESS-STANDARD
Indian thermal coal imports surged 18% at the country's top 12 major ports to 55.90 million tonnes (MT) in the first seven months of the curren ...
Sunday, 08 November 15
THE FREIGHT MARKET KEEP DROPPING THIS WEEK - VISTAAR
COALspot.com: The freight market keep dropping this week.
The BDI down 12.48 percent week on week and closed at 631 points on 6 November 2015. ...
Sunday, 08 November 15
CAPESIZE FREIGHT RATES IN AUSTRALIA-CHINA ROUTES OVER 50% CHEAPER THAN BRAZIL-CHINA ROUTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s mining and steel industries are facing tectonic shifts over the past couple of years, with the country’s limiting of coal use, ...
Friday, 06 November 15
COAL PRODUCTION IN THE U.S. FELL SHARPLY FOR THE WEEK ENDING OCTOBER 31
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
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Showing 2726 to 2730 news of total 6871 |
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- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
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