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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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Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- White Energy Company Limited
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- PTC India Limited - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
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