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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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Wednesday, 28 October 15
Q2'16 FOB RICHARDS BAY COAL SWAP SEES FURTHER DECLINES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and declined month over month.
The Q4 swap was d ...
Wednesday, 28 October 15
BDI INCREASE TOOK PLACE SOLELY ON THE BACK OF CAPESIZE PERFORMANCE, BUT........ - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a small improvement which nonetheless failed to lift sentiment, not only because ...
Tuesday, 27 October 15
Q1'16 API 5 FOB NEWCASTLE COAL SWAP DECLINE 6 PER CENT M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $2 per ton (4.66%) month over month to US$ 40.93 per ton. The swa ...
Monday, 26 October 15
PORT OF NEWCASTLE SHIPPED 10.5 PER CENT LESS COAL IN SEPTEMBER, COMPARED TO AUGUST LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.161 billi ...
Monday, 26 October 15
CFR SOUTH CHINA COAL SWAPS CLOSE DOWN 4.3% AS DEMAND CONCERNS WEIGH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US$ 1.48 (3.02 %) per ton month over month.
A commodity sw ...
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Showing 2746 to 2750 news of total 6871 |
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- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
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