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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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- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
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