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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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Friday, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- The University of Queensland
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- SMG Consultants - Indonesia
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