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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, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
Wednesday, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
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- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
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