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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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Tuesday, 27 March 12
DRY BULK MARKET KEEP RISING FOLLOWING THE SAME TREND OF LAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum this week, on the same reasons of those last week. That is, the smaller ship types are still on the ris ...
Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
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- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
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