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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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Thursday, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
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- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Planning Commission, India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- The University of Queensland
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
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