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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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Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
Monday, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
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- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
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