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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, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
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Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
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- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
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