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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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Sunday, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
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