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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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Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
Monday, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
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- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
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