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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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Wednesday, 11 April 12
TWO PERCENT OF IBP CONCESSION CONTAINS 42 MMT OF COAL
COALspot.com - 42.35 million ton of coal found in just 2% of PT Insani Bara Perkasa’s total concession area of 24,477 hectare.
Accord ...
Wednesday, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchma ...
Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with ...
Sunday, 08 April 12
CHARTER RATES COULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI was almost at same levels closing slightly lower by 0.64 pct at 928 points.
The Cape index was up by 6.73 pct closing at ...
Friday, 06 April 12
INDONESIAN HBA FALL TO LOWEST LEVEL SINCE JANUARY 2011
COALspot.com - Indonesian HBA fall to lowest level since January 2011 this month. The monthly coal reference price for coal sales in April fal ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Planning Commission, India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Anglo American - United Kingdom
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
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