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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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Sunday, 30 November 14
SUPRAMAX COAL FREIGHT RATES FROM INDONESIA TO INDIA : FIRM
COALspot.com: The BDI fell 171 points and closed at 1153 points on Friday 28 November 2014. The Cape index also lost 887 points and closed at 2151 ...
Friday, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
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- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- The University of Queensland
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
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