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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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Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
Thursday, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which ...
Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the ...
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- Kobexindo Tractors - Indoneisa
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- Heidelberg Cement - Germany
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- Kohat Cement Company Ltd. - Pakistan
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- Salva Resources Pvt Ltd - India
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- Pipit Mutiara Jaya. PT, Indonesia
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- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
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- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
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- Australian Commodity Traders Exchange
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- TeaM Sual Corporation - Philippines
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- Formosa Plastics Group - Taiwan
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- Georgia Ports Authority, United States
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- White Energy Company Limited
- Indonesian Coal Mining Association
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- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
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- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
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- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
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- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
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- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
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- Ministry of Transport, Egypt
- Sical Logistics Limited - India
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- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
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- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
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- Global Business Power Corporation, Philippines
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- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
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- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- PTC India Limited - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
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- Bangladesh Power Developement Board
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- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
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- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
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