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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, 01 May 12
VIETNAM FEARS IT MAY NOT SEEK COAL SUPPLIES - TBKTSG / VIETNAMNET BRIDGE
TBKTSG / VietNamNet Bridge reported that, with five coal-run thermopower plants under construction, PetroVietnam alone would need 18 million tons of ...
Sunday, 29 April 12
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The BDI continued to go up with the support of Panamax/Supramax and was up by 8.34 pct closing at 1,156 points.
The cape index was ...
Sunday, 29 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS FOR MAY 2012 DELIVERY WAS STABLE THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps for May deliveries stable this week, according to DSP of SGX AsiaClear OTC Coal Swaps. In the me ...
Friday, 27 April 12
BUKIT ASAMS NET INCOME UP 14% IN 1Q 2012 (UNAUDITED)
Press Release - PT Bukit Asam (Persero) Tbk, announced the Consolidated Financial Statements and Subsidiaries per 31 March 2012 (Unaudited).
Reve ...
Thursday, 26 April 12
AUSTRALIAS COKAL EXPANDS MET COAL POTENTIAL INTO WEST KALIMANTAN
COALspot.com - Global metallurgical coal group Cokal Limited (Cokal) (ASX:CKA) announced today it has completed the acquisition of 75.2% of PT Silan ...
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- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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