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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, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
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- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- The University of Queensland
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
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