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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, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
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- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- White Energy Company Limited
- GMR Energy Limited - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- The University of Queensland
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