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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, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
Wednesday, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- The University of Queensland
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
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