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Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
 COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a potentially positive credit impact for a number of Asia-Pacific sovereigns if the lower prices are sustained below USD90/bbl through 2015, in line with our latest forecast, says Fitch Ratings.
Most major Asian economies - including China, Japan, Korea and Thailand - would see an effective overall income boost from sustained lower oil prices. In addition, countries with large oil import needs facing external adjustment pressures such as Indonesia and India are among the best positioned to see a positive impact on sovereign credit profiles, although the broader policy response will matter too.
All but one of the Fitch-rated APAC sovereigns are net oil importers. Net oil import bills range significantly, from greater than 10% of GDP for Thailand to less than 2% for Bangladesh and Vietnam. Korea, Japan and China have net import bills of 6%, 3% and just over 2% of GDP, respectively.
For consumers, there would be a positive consumption effect from falling retail energy prices. Disinflation as a result of lower oil prices could also contribute to GDP growth less directly in some countries, by facilitating a more accommodative monetary policy than would otherwise be followed. Notably, several key Asian economies, including Japan, have been increasingly relying on liquefied natural gas (LNG) as part of their energy mix, and Asian LNG prices are linked to Brent crude.
A combined positive impact on fiscal accounts, economic growth and terms of trade, would be particularly beneficial for the sovereign credits of countries which are both net oil importers and facing external adjustment pressures, including Indonesia and India. Lower oil prices will help to ease the trade-offs faced by these economies as they aim to bolster growth while reducing external account deficits.
Beyond the macroeconomic growth effects, the fiscal impact could also be significant for several south and south-east Asian sovereigns. Both the Indian and Indonesian governments have already taken advantage of the price decline. In India, diesel prices were deregulated on 18 October. The direct impact on our headline fiscal forecasts is expected to be limited, while this will make the fiscal accounts more robust against future oil shocks, since both diesel and petrol prices are now determined by the market.
In Indonesia, the new administration under President Joko Widodo raised the administered price of fuel by over 30% on 18 November. Roughly 15% of total government spending (2.4% of GDP) is allocated to fuel subsidies, according to the state budget. In addition to direct effects on the state budget, the price hike provides a clear, positive signal of the new government's intentions to swiftly implement its reform agenda.
However, the extent to which sovereigns are able to realise the potential fiscal benefits will be determined at least partly by how policy makers respond - whether they use budget windfalls to increase spending or reduce deficits.
Fitch has lowered its forecast for the price of Brent Crude to average USD87/bbl through 2015 and USD90/bbl for 2016 as part of our latest forecasting round, down from our September forecasts of USD100/bbl and USD95/bbl, respectively.
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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
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