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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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- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
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