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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, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
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- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Planning Commission, India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
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