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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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Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
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- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Planning Commission, India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
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