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Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
 The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volumes in 2016. This comes as a result of the UK starting a concerning trend for the dry bulk shipping industry, by close to doubling its Carbon Price Floor (CPF).
Russia, Colombia and the United States (US) have been the top coal exporters to the UK for the previous three years. The long hauls from the US and Colombia have historically been strong routes for the dry bulk industry, as they have provided a lot of tonnage miles. Since the UK increased their CPF to £18 per tonne of CO2, the exports from the three main exporters during the first 7 months have declined 69% compared to last year and the UK total import of coal for coal- fired power plants is down 64% for the same period.
Peter Sand Chief Shipping Analyst at BIMCO comments: “This is one of the most significant effects, which has impacted the demand side of the global dry bulk shipping industry in 2016. It reflects something bigger lurking beneath the surface of the coal industry and in transportation of this commodity.
The declining trend in coal consumption in the UK is affecting the dry bulk industry negatively and this story will not be the only one”.
UK carbon price floor increases coal price by 138%
When the CPF first came into effect in April 2013, it was based on the carbon price support (CPS) price per tonne of CO2 on top of the EU emission trading system (ETS) rate per tonne of CO2. At that time the CPS was £0.819 per Gigajoule (GJ). The introduction of this led to closures of several coal plants from 2012-2014 in the UK, with a total capacity of 8.4 Gigawatt (GW), enough to generate electricity for an estimated 6.7 million homes (Total: 25 million homes).
From the beginning of 2016 the CPS was increased to £1.568 per GJ equalling to around £18 per tonne of CO2, operating on top of the EU ETS at €5 per tonne of CO2. In September 2016 this was equivalent to a tax around £63.90 on a tonne coal worth £46.38 (CIF ARA). This increase led to a further closure of 8.2 GW in 2015 and 2016.
The CPF will double again in 2020 to £30 per tonne of CO2 and by 2030 it will be £70 per tonne of CO2.
Peter Sand adds:” Implementing a tax which increased the total price of coal by 138 %, caused an immediate reaction from the UK coal-fired power plants. The dry bulk industry is hugely affected by this, due to a large reduction in long haul thermal coal imports.”
The capacity taken out as a result of closures has put the UK into a position where their domestically produced supply of electricity will struggle to meet peaks in demand. In the case of domestically produced electricity falling short of demand, the UK will need to rely on importing electricity from other European countries.
Depending on the other European countries energy mix, their electricity exports will be a surplus of renewable fossil fuel – or nuclear energy. If the electricity generated comes from fossil fuel it may offset the declining UK coal imports somewhat and the change in demand for the dry bulk shipping industry will be less severe.
Price floor does the trading scheme’s job
While the effect of the UK carbon price floor to coal imports is undeniable, the European Union emission trading scheme (ETS) has not limited coal imports to the same extent. The development of the European ETS rate per tonne of CO2 from €30 in 2008 to the current €5, has not incentivised others to reduce coal consumption on a large scale. The decrease of the EU ETS rate is primarily due to an oversupply in allowances.
K coal consumption has been falling for four years, while the development in EU coal consumption has been more stable. The increase of the CPF level in 2016, caused a decline of 56.7% year-on-year for the first five months of 2016. A total of 6,839 thousand tonnes was consumed in the first five months, compared to 15,800 thousand tonnes in the year before.
Peter Sand comments: “It will be a setback for the dry bulk shipping industry if the CPF becomes a standardised scheme and is adopted by other nations as well as on a supranational level. It will, if introduced at the same level as in the UK, cause a similar development and closure of coal-fired power plants.
France, importing the fourth largest share of coal for European countries (8%) in 2016, has already imposed a CPF on 30€ per tonne of CO2 planned to be introduced in January 2017”.
Source: BIMCO
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Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
Friday, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
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- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Australian Coal Association
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
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