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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, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
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- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
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