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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, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
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- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
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