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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, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
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