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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, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
Thursday, 05 April 12
COAL EXPORT TAX: MATTER OF CONCERN FOR INDIA - SUNIL K KUMBHAT
COALspot.com - Since the issuance of Indonesian Mining law in 2009, miners have increased their activities in exploring , ex ...
Thursday, 05 April 12
AKR COAL FIRST EXPORT SHIPMENT OF COAL SEABORNE
PT Anugrah Karya Raya (AKR Coal) subsidiary of PT AKR Corporindo Tbk., Indonesia’s leading integrated supply chain solutions provider and larg ...
Thursday, 05 April 12
DRY BULK MARKET STALLS AS TREND IS REVERSED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has halted its month-long rally, with the BDI (Baltic Dry Index) retreating yesterday for a second consecutive session. Industry ...
Wednesday, 04 April 12
OIL MAY JUMP TO $150PB IF IRAN ATTACKED: EXPERT - KUNA / HELLENIC SHIPPING
Prices of oil will not drop below level of $100 per barrel and may jump to $150 pb in the coming two months, according to the prominent Kuwaiti expe ...
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- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- The University of Queensland
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
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