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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, 15 March 12
RESOURCE ALAM FY11 PROFIT UP 171% - INSIDER STORIES
Insider Stories reported that, coal mining company PT Resource Alam Indonesia Tbk (KKGI) reported a 171.16% jump in net profit last year on the back ...
Wednesday, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of ...
Monday, 12 March 12
DELTA DUNIA 1M OVERBURDEN DROPS 3.1% - INSIDER STORIES
Insider Stories reported that, Indonesia's second largest coal mining contractor PT Delta Dunia Makmur Tbk (DOID) reported a 25 million bank ...
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- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- The University of Queensland
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
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