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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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Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
Friday, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
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- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
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