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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
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