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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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Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
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- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
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