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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, 04 April 12
CHURCHILL MINING TO ACCELERATE INTERNATIONAL ARBITRATION AGAINST INDONESIA
Churchill Mining plc (AIM: CHL), advises that notations on the Indonesian Supreme Court's register of cases shows the Supreme Court has rejected th ...
Monday, 02 April 12
BANGLADESH EYEING INDONESIA FOR COAL
COALspot.com - The high level executives of Center for Environmental and Geographic Information Services (CEGIS) of Bangladesh is visiting Ind ...
Monday, 02 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first quarter of the New Year ended with the BDI standing 42% above from the 26 years’ bottom low of 662 points on February 1st, and a pos ...
Saturday, 31 March 12
THE BDI CONTINUED TO MOVE UPWARD - VISTAAR
COALspot.com - The BDI continued to move upward and rose by 2.86 pct closing at 934 points.
The cape index was up by 3.14 pct closing at 1,412 po ...
Saturday, 31 March 12
SRI LANKA IMPORTS 152,555 MT OF INDONESIAN COAL IN FEBRUARY
COALspot.com: Indonesia, the world largest coal exporter, shipped 27.126* million tons of coal in February 2012, compared to 28.21* million to ...
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- GVK Power & Infra Limited - India
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- Australian Coal Association
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- Petron Corporation, Philippines
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- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
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- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
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- Wood Mackenzie - Singapore
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- Kepco SPC Power Corporation, Philippines
- The University of Queensland
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- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
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- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
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- Vedanta Resources Plc - India
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- LBH Netherlands Bv - Netherlands
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- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
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