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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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Friday, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- The University of Queensland
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
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