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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, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
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- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- PTC India Limited - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
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