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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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Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
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