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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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Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- PTC India Limited - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- White Energy Company Limited
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
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