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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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Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
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- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- PTC India Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Australian Coal Association
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- London Commodity Brokers - England
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