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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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Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
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- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- MS Steel International - UAE
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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