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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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Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
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Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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