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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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- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
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