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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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Wednesday, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Australian Coal Association
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
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- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
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- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
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