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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
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