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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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Wednesday, 12 November 14
PANAMAX: WITNESSED A FAIRLY STABLE MARKET IN THE ATLANTIC
COALspot.com: Despite the fact that the Dry Bulk market noted another weekly increase, clouds of uncertainty returned mid-week onwards, as the mini ...
Wednesday, 12 November 14
SHIPPING MARKET INSIGHT - CHRISTOPHER T. WHITTY
COALspot.com: The fight continues between the low-cost iron ore producers and the big three: Vale, Rio Tinto and BHP Billiton. We are moving into a ...
Tuesday, 11 November 14
FACING CHALLENGES AND MEETING OPPORTUNITIES - INTERNATIONAL EPC CONFERENCE & EXHIBITION
Press Release: SKYCONNECTION and TRANSEVENT, which is fully supported by the Institution of Engineers Indonesia and Ministry of Industry of the Rep ...
Tuesday, 11 November 14
NEWCASTLE COAL SWAP CLOSED AT $ 52.65 FOR Q1' 15 DELIVERY
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery decreased US$ 2.83 (-5.10%) month over month and US$ 1.35 (-2.50%) week ove ...
Tuesday, 11 November 14
PORT OF NEWCASTLE'S OCTOBER COAL SHIPMENTS SLIPPED 7.40% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,115.7 mil ...
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- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
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