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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, 20 April 12
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A rebound of demand for smaller dry bulk carriers has led the industry’s benchmark, the BDI (Baltic Dry Index) above the 1,000-point mark for ...
Friday, 20 April 12
BUMA HAS PRODUCED 2.6 MILLION TONS OF COAL IN MARCH 2012
COALspot.com - BUMA has removed 28.0 million bcm (+6.4% YoY) of overburden in March 2012 while coal production was at 2.6 million tons (+1.3% YoY).
...
Thursday, 19 April 12
FRESH COAL SALES FROM JATENERGYS JONGKANG MINES
COALspot.com - Energy company Jatenergy Ltd (ASX code JAT) announced today that it had signed a contract for an 11,000 tonne coal sale due for shipm ...
Thursday, 19 April 12
HANDY - 'POSITIVE TREND', PANAMAX - 'A FIRMER TENDENCY', CAPESIZE - 'AGAIN NEGATIVE'
Handy
The positive trend from last week continued, with more cargoes entering the market. Skaw/Passero del fixed tick above USD 4000 for US Gulf di ...
Thursday, 19 April 12
WILLIS MARINE MARKET REVIEW FORECASTS ANOTHER DIFFICULT YEAR - WILLIS GLOBAL MARINE / HELLENIC SHIPPING
After an inauspicious start, 2012 could well be "another difficult and uncertain year for the maritime industry faced with the aftermath of the ...
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- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- The University of Queensland
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