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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, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Planning Commission, India
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
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