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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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Monday, 27 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The pessimism in the dry market persists with the Baltic Dry Index still trying to find a steady pace of growth and average time charter earnings fo ...
Sunday, 26 February 12
THE FREIGHT RATES FOR INDONESIA TO INDIA IS LIKELY TO BE FIRM FOR NEXT 2/3 WEEKS - VISTAAR
COALspot.com – “There was not much change in the BDI and other indices this week except for the Panamax which was down by 11.91 pc ...
Friday, 24 February 12
DRY BULK MARKET POSTS FIRST REBOUND IN A WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was expected since mid-week, the dry bulk market's benchmark, the BDI (Baltic Dry Index) has managed to put a stop in a 6-day losing rally, endi ...
Thursday, 23 February 12
2.5 PANAMAX VESSELS PER AVAILABLE CARGO FOR MARCH DATES - FEARN BULK
Handy
Another depressing week for Supras in both basins. Lack of fresh business and over-supply of tonnage in the Atlantic pushed rates south. Cont ...
Wednesday, 22 February 12
RAW COMMODITY EXPORT BAN SPARKS SMELTER BUILDING BOOM IN INDONESIA ANTARA / THE JAKARTA GLOBE
Antara / The Jakarta Globe reported that, as the government gears up to ban all exports of unprocessed commodities, Indonesia will see 12 new ...
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- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Australian Coal Association
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
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