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