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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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Monday, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
Sunday, 09 November 14
CAPE INDEX UP 3.06%; PANAMAX INDEX FELL 4.05%
COALspot.com: The BDI was almost at same levels compared to last week closing or just increased 0.77 pct from last week. The BDI was closed at 1437 ...
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- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
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