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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, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
Monday, 14 November 16
DUNIA MAKMUR SUBSIDIARY BAGS MINING SERVICE CONTRACT WORTH $ 282.63 MILLION
PT Bukit Makmur Mandiri Utama (BUMA), has signed a life of mine contract with PT Tadjahan Antang Mineral (TAM) with a contract value of approximate ...
Monday, 14 November 16
THE CAPE INDEX ROSE 44.57 PER CENTS TO 2303 POINT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 11 November 16
INDONESIAN 4200 GAR COAL IS THE MOST ATTRACTIVE COAL IN TODAY'S MARKET - OPINION POLL
“ Which coal type of Indonesian origin do you find the most attractive in today's market?”
The on-line opinion poll conducted ...
Friday, 11 November 16
WEEKLY U.S. COAL OUTPUT FELL SLIGHTLY W/E NOVEMBER 5
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.9 million short ton ...
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- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Minerals Council of Australia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
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