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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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Friday, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
Wednesday, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
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- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
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- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
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- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
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- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
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- The University of Queensland
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- Parliament of New Zealand
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- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- The Treasury - Australian Government
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- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
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- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
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- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
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- Sical Logistics Limited - India
- PowerSource Philippines DevCo
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- GVK Power & Infra Limited - India
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- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
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- Alfred C Toepfer International GmbH - Germany
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- Energy Development Corp, Philippines
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- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
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- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
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- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- White Energy Company Limited
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
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