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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, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- PTC India Limited - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
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