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Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
 China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix by 2030, while overall gas demand growth in China will be strongest
As details for China's Air Pollution Prevention and Control Action Plan (APPCAP) have evolved through 2014, energy suppliers have raised concerns that the continual re-thinking of targets and goals is creating uncertainty for China's energy and resources demand. In 'A moving target - assessing the impact of China's environmental policies', Wood Mackenzie concludes that within the energy, resources and mining sectors, China's recent environmental policies broadly continue to encourage the expansion of natural gas. More surprisingly however, despite some industry belief that this will result in coal's decline, Wood Mackenzie says coal demand will actually be supported and remain the dominant fuel in China's power mix.
Wood Mackenzie forecasts that coal's role in power is likely to decline from 72% to 64% of China's power mix as a result of APPCAP but remains the primary fuel for China. In absolute terms, this translates to coal demand increasing by just over two billion tonnes from now until then. Mr David Brown, Northeast Asia Power Markets Manager, explains, "Tackling chronic air pollution is a clear government priority but not the only one: economic growth, energy security and low cost energy remain paramount. Although initial policy goals focused on expanding the role of gas through demand targets or caps on coal consumption, policy releases throughout 2014 have now evolved to focus on emissions control rather than mass fuel switching to gas."
Northeast Asia Mining and Metals Manager, Mr Rohan Kendall says "The latest APPCAP policies are not aimed at penalising coal, but are a major step towards sustainable policies encouraging clean-coal use. The impact of APPCAP policies will affect the type of coal consumed by coastal power plants and emissions control rather than absolute demand volumes. With a reduced emphasis on switching coal-fired plants to gas for example, utilities will become more prudent in plant operations and coal selection - supporting low-ash and low-sulphur imports".
Even with a reduced emphasis on coal switching to gas, Wood Mackenzie's analysis shows China's environmental policies as broadly positive for gas, despite an expectation of some near-term growing pains as new supplies ramp-up. Gas demand in China will increase from around 207 billion cubic metres (bcm) in 2014 to 335 bcm by 2017, with demand from power, transport and the residential/commercial sectors contributing most to the growth near term. Further on from 2020 to 2030, gas demand will see an annualised average growth rate above four-percent, reaching 655 bcm by this time as China becomes with world's second largest gas market after the US.
Beyond power, gas and coal, Wood Mackenzie expects environmental policies will have little impact on demand for petrochemicals, iron ore, steel and metals. Rather, capacity closures will impact these industries more. Capacity that is out-dated, with high emissions and low margins will gradually see shut downs as the government tightens credit, which has been the lifeline of these industries over the last several years. Still, these capacity closures will not have an impact on production with limited impact on raw material demand. The intention is to consolidate fragmented and less efficient operations, not lower output.
Mr Brown concludes, "The way China's environmental policies have evolved already shows that they do not work in isolation but in a more complex fashion, hand-in-hand with conomic goals. The new leadership is focused on formulating integrated policies that balance these objectives. This approach indicates China's evolving environmental policies are not intended to be destructive for energy, mining, and metals but will rather help these industries grow sustainably and efficiently through the long term."
About Wood Mackenzie
Wood Mackenzie is a global leader in commercial intelligence for the energy, metals and mining industries. We provide objective analysis and advice on assets, companies and markets, giving clients the insights they need to make better strategic decisions.
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Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
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- The University of Queensland
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
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