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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, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
Wednesday, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
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- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Planning Commission, India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- The University of Queensland
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
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