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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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Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
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- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
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