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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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- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- White Energy Company Limited
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
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