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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, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
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- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
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