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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, 23 August 16
4200 GAR COAL INDEX CLIMB 15.96% YEAR TO DATE - CS COAL INDEX
COALspot.com: Average 4200 GAR coal index of Indonesian origin rose 1.65 % week over week to averaging $31.46 per ton this past week, shows CS (i) ...
Tuesday, 23 August 16
KOMIPO TO IMPORT 250K OF 5,700 KCAL/KG NAR COAL FOR Q4' 16
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for total 250,000 Metric Tons of Bituminous Coal for ...
Monday, 22 August 16
INDONESIA'S CS 5000 GAR THERMAL COAL INDEX, ROSE TO A 57-WEEKS HIGH TO TOP $43.47 A TON
COALspot.com: Indonesia’s CS 5000 GAR thermal coal index, rose to a 57-weeks high to top $US43. 47 a ton in the latest week, extending a 18-w ...
Monday, 22 August 16
THE FREIGHT MARKET WAS STEADY THIS PAST WEEK; CAPE INDEX DECLINE 5.38%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 19 August 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 421.6 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
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- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
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