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Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
 COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the new government's intentions to quickly implement its reform agenda, says Fitch Ratings. Furthermore, the reduction in subsidies creates space for increasing growth-enhancing capex, and should also improve Indonesia's external balances, especially as this supports foreign investment inflows.
Raising the price of subsidised fuel, while broadly positive for credit, does not change our Outlook on Indonesia's sovereign rating. Fitch had factored in a subsidy cut of similar proportions to what was recently announced when we affirmed the 'BBB-' rating and Stable Outlook on 13 November. Fitch retains its forecasts for deficits of 2.5% of GDP in 2014 and 2.7% in 2015. Furthermore, though the subsidy bill is high compared with peers, it was not a key factor affecting sovereign debt sustainability - given the country's relatively low public debt burden of 26% of GDP.
The deficit forecasts remain unchanged, although the decision will enable the government to re-allocate the expenditures to productivity-enhancing capital investments, which will be beneficial to growth. Indonesia is particularly constrained in the availability of productive capital spending - owing to relatively low government revenues compared with peers, and as total expenditures are restricted by a fiscal deficit limit of 3% of GDP. Adherence to this prudent fiscal rule is a distinctive feature of Indonesia's sovereign profile compared with many peers, and is a positive factor for the credit.
The decision should only have a moderate direct impact on Indonesia's net oil deficit in the short and medium term, due to the relatively inelastic demand for oil. Should the government follow through on plans to boost productivity through increased investment in infrastructure, however, there should be a net positive effect on the country's current account over the long term. Infrastructure improvement would be a prerequisite for the development of the manufacturing sector to such an extent that it would lead to diversification of exports away from commodities.
The long-mooted idea to raise administered fuel prices was closely followed by the investment community. Now that the decision has been implemented, it should more generally raise confidence in the government's commitment to fiscal and supply-side economic reforms. Potential for improvement in the investment climate is substantial, through cutting bureaucratic impediments for businesses and ensuring the minimum wage is in line with productivity growth. Indonesia's ranking in the World Bank's Ease of Doing Business indicators at the 36th percentile is low compared with the 'BBB' category median at the 65th percentile.
It is important to note, though, that the fuel price hike alone should not be taken as a signal of the ability of the Indonesian government to push through other reforms in future. The fuel-price hike did not require parliamentary approval, unlike other more far-reaching reforms to improve the business climate. Furthermore, a fuel price-setting mechanism that would allow for a fixed-fuel subsidy which would make the budget - and capex in particular - more robust to future oil price rises, has not been introduced thus far.
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Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
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- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- The University of Queensland
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
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