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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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Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- The University of Queensland
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
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