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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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Sunday, 18 March 12
BUKIT ASAM'S NET PROFIT IN 2011 ROSE 54% TO US$ 339.56 MILLION
COALspot.com - Company revenue for the period January - December 2011 amounting to Rp 10.6 trillion (approximately US$ 1,164,835,164.84) recorded an ...
Saturday, 17 March 12
THE FREIGHT RATES FOR INDONESIA TO INDIA REMAINED FIRM - VISTAAR SINGAPORE
COALspot.com - The market continued to be firm and all segments were up except for Cape Index which was down by 2.46 pct closing at 1,466 points.
...
Saturday, 17 March 12
INDIAN GOVT FINALIZES DRAFT BILL FOR COAL REGULATOR - PTI
The coal sector would soon get a regulator as the government has finalised a draft bill for the purpose, Coal Minister Sriprakash Jaiswal said Wedne ...
Friday, 16 March 12
THE PACIFIC MARKET IS FIRMING UP - FEARNLEYS AS
Handy
A slightly positive trend was seen last week in the Atlantic. Skaw-Passero deliveries fixed around USD 3k to US Gulf, while US Gulf deliveres ...
Thursday, 15 March 12
RAINS AVERAGE SELLING PRICE OF COAL WENT UP BY 22 % IN 2011
COALspot.com - PT. Resource Alam Indonesia Tbk, an Indonesian CCoW (3rd Generation) holder reported Wednesday a 171 percent increase in net profits ...
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- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Parliament of New Zealand
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
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