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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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Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
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- London Commodity Brokers - England
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Australian Coal Association
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
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