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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, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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 ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- MS Steel International - UAE
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- The University of Queensland
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
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