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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, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
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