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Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
 Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record crude production levels, Rosneft's acquisition of Bashneft in October 2016 and subsequent privatisation, as well as Gazprom's record gas sales to Europe.
According to Fitch Ratings the completed EUR10.2bn sale of a 19.5% stake in Rosneft to Glencore and the Qatar Investment Authority (QIA) is an important milestone for the sector. The ownership structure of the joint venture appears transparent: Fitch understands the joint venture that holds the stake in Rosneft is owned in equal shares by Glencore and QIA. Fitch does not rate Rosneft and therefore does not have detailed information on the transaction, but information reviewed by Fitch to date has confirmed the shareholding structure and fully resolved the agency's other questions raised at the Oil & Gas conference: "The Time for Cautious Optimism in Moscow on 15 February 2017".
In September-October 2016, Russia increased oil production by some 500,000 barrels of oil equivalent to the record volume of 11.23 million barrels of oil equivalent (mmboepd), mainly due to the launch of and continuing ramp-up across several large greenfields. Following the OPEC deal at end-November 2016, Russia agreed to cut production by some 300mboepd, bringing the post-deal volumes to 10.9mmboepd.
Fitch Ratings further noted that, in 9M16, production from certain Russian oil brownfields increased and natural decline rates moderated, mainly on significantly higher production drilling volumes that some producers demonstrated. Brownfield taxation remains high - the mineral royalty (MET) and the export duty account for 50%-60% of a typical brownfield's revenue - limiting further brownfield production growth potential.
Most Fitch-rated Russian oil and gas companies are on Stable Outlook. The Stable Outlook is driven by our expectation of stable crude production volumes and improving upstream profitability on higher forecast oil prices. Unlike their western European peers, Russian oil and gas companies did not significantly reduce capex or headcount in 2016.
Falling oil prices and taxation changes lowered downstream profitability in 9M16, resulting in higher crude exports and a 20% reduction in fuel oil production. We forecast Russian downstream to continue performing at levels similar to or slightly better than those in 2016, said Fitch Ratings.
Due to competitive gas prices and cold weather, Gazprom posted record high gas sales in Europe in 2016, while its financial results suffered from falling average gas prices. We expect Gazprom's funds from operations (FFO) net leverage to increase to around 2x on high capex; nonetheless, the leverage remains within our rating guidance.
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Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
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- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
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