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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
 Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, fertiliser producers and consumer goods companies, Fitch Ratings says. Smaller companies in these industries are under the most pressure, while larger and more diversified issuers rated by Fitch are better positioned to mitigate the impact. Gas prices could remain high until the end of the winter heating season, given low levels of natural gas in European storage facilities. However, we expect prices to moderate once seasonal demand reduces.
High gas prices and working capital fluctuations have already caused several non-integrated UK gas suppliers (not rated by Fitch) to ask for state support in fulfilling their supply obligations to customers.
The Spanish government has introduced a levy on low-carbon power producers to support smaller suppliers.
Supply is typically a small part of larger Fitch-rated integrated utilities in Europe, which are able to pass costs on to most customer groups, or hedge. Although we expect higher gas prices to increase regulatory risks, the rated utilities’ diversification by jurisdiction and business line, including electricity production and distribution networks, cushions the impact. The unfolding situation in the European gas market may further accelerate the energy transition in the utility sector towards renewables.
Fertiliser producers have been severely affected by rising gas prices. Gas is a key input in ammonia production, which is further used in urea and DAP production. Several ammonia plants in Europe have cut their output or have temporarily shut down operations. Larger Fitch-rated fertiliser producers with a global presence are able to continue production in other regions or source ammonia from third parties, limiting the impact. Producers may also seek to increase fertiliser prices to pass costs onto consumers.
Agriculture and food producers are affected by challenges in the fertiliser sector. Agribusinesses may face shortages in fertiliser supplies and increased prices, most likely increasing their costs in the next season’s harvest. However, meat processors and carbonated drinks manufacturers, particularly in the UK, already face disruptions due to CO2 shortages, which is a by-product of ammonia manufacturing and is used in meat and fizzy drinks production. Geographically diversified food and beverages producers are better positioned to mitigate such shortages.
The record-high prices in Europe are driven by increased demand (due to the wider economic recovery and weather-related factors), competition with Asia for LNG, and a limited supply response from Gazprom, Europe’s largest supplier, providing about a third of Europe’s gas. Prices have also risen due to market fears of a gas deficit during the winter heating season due to low European storage utilisation compared to previous years.
Utilisation at Gazprom-linked storage facilities (around 10% of European capacity) is particularly low, affecting average utilisation rates in Austria, Germany and the Netherlands. Furthermore, unlike September in recent years, Gazprom has not offered any meaningful volumes for delivery this or next year via its electronic sales platform (a sales channel for short-term gas deliveries, used in addition to sales under long-term contracts). Gazprom’s total exports should increase in 2021 but this is unlikely to be sufficient to re-balance the market. Starting the new Nord Stream 2 pipeline, which is facing difficulties in obtaining necessary approvals from regulators in Europe, may affect the availability of additional gas volumes.
We have recently increased our short-term gas price assumptions. However, we expect a normalisation of demand and potential additional supplies to result in a return to mid-cycle pricing from 2023.
Source: Fitch Ratings
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Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
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