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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 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
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- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- The University of Queensland
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- CNBM International Corporation - China
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
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