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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, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
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