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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, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
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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- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
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