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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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Tuesday, 14 June 16
CS COAL INDICES ROSE UP FOR A THIRD STRAIGHT WEEK; 4200 GAR COAL UP 0.73%
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up 0.54 percent week over week to averaging $39.37 per ton this past week, shows ...
Monday, 13 June 16
DEMAND FOR DRY BULK COMMODITIES COULD PROVIDE FUTURE BOOST FOR SHIP OWNERS - HELLENIC SHIPPING NEWS
When it comes to the dry bulk market, shipowners these days are looking for news in any shape or form they can find them. However, as the discussio ...
Monday, 13 June 16
ONSHORE SHALE: WORTH KEEPING IN THE SHIPPING SPOTLIGHT CLARKSONS
Generally, shipping industry watchers spend much of their time monitoring events out to sea: how fleets are evolving, trade volumes growing and fre ...
Monday, 13 June 16
PORT OF NEWCASTLE SHIPPED 5.03% MORE COAL IN MAY; AVERAGE SELLING PRICE DECLINED 2.08% FROM APRIL
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.162bill ...
Monday, 13 June 16
BALTIC INDEX FLAT, INDEX FOR CAPE RISE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities flat this past week. The freight market was almost same l ...
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- Planning Commission, India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- The University of Queensland
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
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