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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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Tuesday, 21 February 12
THREAT ISSUED ON MINERAL FIRMS AS GOVT PLANS EXPORT BAN - THE JAKARTA POST
The Jakarta Post, one of the leading english news papaer in Indonesia reported that, the government has given mineral producers three months to subm ...
Monday, 20 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU
The dry market experienced one more disappointing week with tonnage oversupply and limited cargo demand that pushes earnings for shipping players to ...
Monday, 20 February 12
JATENERGY SECURES FIRST 8000-TONNE COAL SALES CONTRACT FOR JONGKANG MINES
8000-tonne contract with Singaporean buyer signed for March delivery
50% down payment due in five working days
Production continues at both Jongka ...
Monday, 20 February 12
DIAN SWASTATIKA ACQUIRES ANDALAN LESTARI - INSIDER STORIES
Insider Stories reported that, PT Dian Swastatika Sentosa Tbk (DSSA), controlled by Fuganto Widjaja, son of Indra Widjaja, reported a 99.83% takeove ...
Monday, 20 February 12
COAL BOOM AND ENVIRONMENTAL CONCERN - SUNIL K KUMBHAT
COALspot.com - The dawn of the 21st century has seen a shift in the world's commercial balance of power, with the dominance of the US, Europe and J ...
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- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
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- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Australian Coal Association
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- VISA Power Limited - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- The University of Queensland
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
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