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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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Thursday, 26 April 12
PANAMAXES AGAIN EARN MORE THAN CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of demand for Panamaxes has led the dry bulk market to new higher ground on Monday, with the Baltic Dry Index (BDI) reaching 1,090 ...
Wednesday, 25 April 12
CHINA IMPORTS 9.76 MMT AND INDIA IMPORTS 7.03 MMT OF INDONESIAN COAL LAST MONTH
COALspot.com: Indonesia, the world largest coal exporter, shipped 30.64* million tons of coal in March 2012, compared to 27.12* million tons i ...
Monday, 23 April 12
ALTURA ENTERS INTO AGREEMENT TO ACQUIRE 2 COAL PROJECTS IN SOUTH KALIMANTAN
COALspot.com - Altura Mining Limited (ASX: AJM) has announced that it has entered into an agreement to acquire a further two (2) Mining Permits (IUP ...
Sunday, 22 April 12
THE FREIGHT MARKET EXPECTED TO REMAIN FIRM NEXT WEEK - VISTAAR
COALspot.com - The BDI has broken the psychological barrier of 1000 points and closed at 1067 points.
The cape index was slightly down by 2.48 pc ...
Saturday, 21 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP 2.61 PERCENT THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps fell for a fifth day, according to DSP of SGX AsiaClear OTC Coal Swaps.
CFR South China Coal ...
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- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
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