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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, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
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- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
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