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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, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
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- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Australian Coal Association
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
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- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
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