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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, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
Monday, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
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- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Deloitte Consulting - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
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