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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- SMC Global Power, Philippines
- The University of Queensland
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Trasteel International SA, Italy
- CNBM International Corporation - China
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
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