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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, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
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- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Planning Commission, India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
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