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