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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, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- Agrawal Coal Company - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
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