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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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Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
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- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
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