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Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
 COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze power producers' margins in 2017, says Fitch Ratings. Margins are also expected to suffer as more electricity is sold under direct power sales (DPS) programmes at a discount to the benchmark on-grid tariff as well as from falling plant utilisation levels.
China's National Development and Reform Commission (NDRC) said on 4 January 2017 that the benchmark on-grid tariff for coal-fired power will remain unchanged in 2017, despite a strong coal price rally starting from 3Q16.
Fitch further noted that, China introduced a coal price pass-through mechanism in early 2016, which specifies that coal-fired power generators' on-grid tariff will be reviewed at the start of each year to reflect coal price changes in the previous year. In this week's announcement, the NDRC further specified that the average NDRC national coal price index from November 2015 to October 2016 was used as reference to decide the tariff pass-through amount. According to the price formula, on-grid tariff should increase by CNY0.18 cents per kilowatt hour (KWh) to reflect the coal price change in that period. However, changes less than CNY0.2 cent/KWh will not be made, but will accumulate into the next review period.
Although the current Qinghuangdao seaborne coal price is already 15% lower than its peak in 2016 due to NDRC measures to increase coal supply and contain coal prices, it remains more than 30% higher than the average 2016 price as coal prices were much lower in 1H16. We expect coal prices to fall further with policy intervention; however, the average 2017 coal price, especially in 1H17, is likely to be higher than for the same period last year. As such, dark spread - the difference between power tariffs and unit coal costs - for coal-fired power generators will be lower than in 2015 and early-2016.
At the same time, Fitch said, power volumes sold under DPS are increasing. The NDRC reports that power sold under DPS increased to 700 billion KWh in 2016, up from 430 billion KWh in the previous year. This represents around 12% of China's total power demand or 17% of power demand from the energy-intensive secondary industry, which accounted for around 71% of the country's total power consumption in 2016. According to NDRC, the average discount on DPS is around CNY6.4 cent/KWh, which is around 18% of China's national average on-grid tariff.
However, Fitch estimates the discount for power sold under DPS is around 20% in regions with higher power demand and less competition, and 30% or higher in regions that suffer more from power overcapacity. Coal-fired power generators' dark spread is likely to be further squeezed as China aims to expand the scale of DPS in 2017.
We also expect coal-fired power utilisation hours to decline with slowing power demand growth and still-high capacity additions. We expect some smaller players are likely to be loss-making and forced out of the market, while large-scale and highly-efficient power generators or power-heat co-generation generators in regions with stable power demand or access to lower-cost coal will be final winners under these changes taking place in China electricity market, Fitch concluded.
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Wednesday, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
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- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
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