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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, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
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- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
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- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
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- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
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- Mercator Lines Limited - India
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- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
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- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Australian Coal Association
- ASAPP Information Group - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
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- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
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