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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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Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Planning Commission, India
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Central Java Power - Indonesia
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