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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, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
Monday, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
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- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Parliament of New Zealand
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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