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