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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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Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
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- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Planning Commission, India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Economic Council, Georgia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
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