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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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Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
Tuesday, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
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- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Economic Council, Georgia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Australian Coal Association
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
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