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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, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
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- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Planning Commission, India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
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