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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, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Australian Coal Association
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- The University of Queensland
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
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