We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
|
|
|
Showing 2736 to 2740 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
|
| |
| |
|
