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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, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
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- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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