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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, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
Wednesday, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- Xindia Steels Limited - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- The University of Queensland
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Deloitte Consulting - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
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