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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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Wednesday, 06 June 12
INDONESIAN GOVERNMENT'S DECLARED COAL PRICES CONTINUING ITS DECLINE
COALspot.com - Indonesian HBA fell to lowest level since January 2011 in June 2012. The monthly coal reference price for coal sales this month ...
Monday, 04 June 12
MITRABAHTERA SUBSIDIARY SECURES CONTRACT FROM BERAU COAL - INSIDER STORIES
Insider Stories reported that, PT Mitra Alam Segara Sejati, a subsidiary that is 60% owned by PT Mitrabahtera Segara Sejati Tbk (MBSS), has secur ...
Sunday, 03 June 12
TTI ESTABLISHES COAL TRADING & MARKETING OFFICE
COALspot.com - TTI has officially established its coal trading, marketing-office in Jakarta, Indonesia. PT. Gunung Tinggi Coal is the TTI’s fi ...
Sunday, 03 June 12
FREIGHT MARKET CONTINUING ITS DECLINE
COALspot.com - The BDI continued to fall for the fifth straight week and the BDI fell by 2.57 pct this week closing at 904 points.
The Cape Size ...
Friday, 01 June 12
TNPL HAS SECURED 300K MT OF 6000 GAD COAL AT US$ 81 CNF TUTICORIN
COALspot.com - An India based coal trader Adani has offered the lowest price of US$ 81.00 per metric ton for calorific value of 6000 GAD and 15 perc ...
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- Videocon Industries ltd - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
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