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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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Sunday, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
Saturday, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
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- Central Java Power - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
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- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
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- Salva Resources Pvt Ltd - India
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- Indian Oil Corporation Limited
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- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
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- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
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- Indonesian Coal Mining Association
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- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
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- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
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- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Coal and Oil Company - UAE
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- The Treasury - Australian Government
- India Bulls Power Limited - India
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- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
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- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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