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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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- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Australian Coal Association
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- PTC India Limited - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- VISA Power Limited - India
- Electricity Authority, New Zealand
- The University of Queensland
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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