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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, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
Friday, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
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- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- MS Steel International - UAE
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- The University of Queensland
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
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