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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
 Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow any further price increases.
We assume Brent and WTI will average USD42 a barrel in 2016, up from our USD35/bbl base case in February. The increase follows evidence that the market will come into balance in the second half of 2016, which has already been reflected in a year-to-date average price of USD41/40 for Brent/WTI.
However, we do not believe that the rapid price recovery seen in the first half of 2016 will continue. The sub-USD30 prices at the start of the year approached cash costs for many producers and were unsustainable in all but the very short term. Prices in the USD40-USD50 range allow most producers to break even on a cash basis, if not to cover sunk costs.
We believe that record high inventories - OECD stocks are still more than 10% higher than normal - and market expectations that US shale production will begin to rebound at prices above USD50, will keep prices below that level until a supply deficit has eroded some of the inventory overhang.
We have therefore left our 2017 and 2018 price assumptions unchanged at USD45 and USD55 respectively. Our long-term expectations for both Brent and WTI are unchanged at USD65, reflecting our view on the long-run marginal cost of supply.
Our natural gas expectations have also changed, with price assumptions for US Henry Hub rising and UK National Balancing Point (NBP) falling. In the US, the market has begun to work through the excess inventory build-up associated with last year's El Nino winter. Slower production growth in key shale plays has also helped. For NBP, increased US gas exports have contributed to a medium-term LNG glut, which we expect to put pressure on international spot prices.
Our Henry Hub price assumptions are USD2.35/mcf in 2016, rising to USD2.75 in 2017, USD3.00 in 2018 and USD3.25 in the long term. For NBP we assume a price of USD5.00/mcf for 2016, USD5.50 in 2017, USD6.00 in 2018 and USD6.50 in the long term.
Source: Fitch Ratings
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Monday, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
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- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Planning Commission, India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
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