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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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Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Australian Coal Association
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Aditya Birla Group - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- The University of Queensland
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
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