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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, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
Monday, 07 May 12
INDONESIAN HBA FALL AGAIN IN MAY 2012
COALspot.com - Indonesian HBA fall again to lowest level since January 2011 in May 2012. The monthly coal reference price for coal sales in Ma ...
Sunday, 06 May 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA SWAPS SLIGHTLY DROP THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries slightly dropped this week.
According ...
Sunday, 06 May 12
S7 & S8 ROUTES LIKELY TO BE FIRM NEXT WEEK VISTAAR SINGAPORE
COALspot.com - The BDI remained flat this week and was up just by 1 point closing at 1,157 points.
The cape size index was up by 5.14 pct closing ...
Sunday, 06 May 12
EXPORT DUTY ON MINERAL FINALLY TO BECOME EFFECTIVE NEXT WEEK
COALspot.com - Mineral ore exporters of Indonesia ( only IUP holders) are required to obtain recommendation letter from the energy and mineral ...
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- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Planning Commission, India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
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