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Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
 COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing interest among market participants on whether this would warrant a physical arbitrage of placing coal on storage now for deferred consumption to extract value from the curve", said Miswin Mahesh, a commodities analyst at Barclays Capital in London.
According to Miswin, the current contango however, is yet to incentivize a larger percentile of physical market players, given their limited access to cost efficient storage facilities (in contrast to utilities that have their own backyard). Infact for the wider spectrum of market players, current storage costs at the ARA ports average $15/t for a year, along with other costs associated with discharging from board onto barge, barge onto stock and re-loading from stock (that add another $7/t), while surcharges and other expenses add another marginal amount. The limited storage space available at these terminals also need to be accounted for.
"We would therefore expect opportunistic demand for the purpose of storage to be more attractive only if prices were to widen above the $ 20/t level. And given that the European coal markets are entering a seasonally lacklustre period for coal burn with ample stocks at the ARA discharging ports, while country specific instances such as the oncoming peak of the German renewable season is likely to challenge the call on coal fired generation further", he added further.
These factors are likely to keep prompt prices soft, and the contango is likely to remain steep through this quarter as well.
About Miswin Mahesh
Miswin Mahesh is a commodities analyst at Barclays Capital in London, specializing in the coal, freight and crude oil markets. Miswin is a graduate of the Duisenberg School of Finance in Amsterdam.
He graduated with a double masters, an MSc in Corporate Finance and Banking and a Masters degree in International Finance from the University of Amsterdam. Miswin builds his insight on international trade flows from his experience in the Middle East, India, Africa and Europe.
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Friday, 22 June 12
GLOBAL ACTION NEEDED ON ENERGY POVERTY - WORLD COAL
Eradicating energy poverty is possibly the biggest challenge facing the world today. Like climate change it can only be addressed with a concerted g ...
Friday, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straigh ...
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- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Planning Commission, India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- The University of Queensland
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Australian Coal Association
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
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