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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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Sunday, 19 February 12
THE SPOT FIXTURE RATES WERE REPORTED AT HIGH LEVELS - VISTAAR
COALspot.com - "The markets seems to holding back this week appears the momentum which picked up last week may slow down" - Capt. Reddy of ...
Sunday, 19 February 12
INDIKA ACQUIRES MULTI TAMBANGJAYA - INSIDER STORIES
Insider Stories reported that, PT Indika Energy Tbk (INDY) announced that wholly-owned subsidiaries have signed a conditional sale and purchase agre ...
Friday, 17 February 12
COLOMBIA COAL PRODUCTION, EXPORTS JUMP IN 2011: GOVT - COLOMBIA REPORTS
Colombia Reports reported that, colombia's coal production jumped 15.4% in 2011 to 85.8 million tonnes versus the previous year while exports rose ...
Thursday, 16 February 12
GEARING UP FOR THE EMERGING OIL & GAS OPPORTUNITIES IN MYANMAR
Press Release - Myanmar Ministry of Energy and Centre for Management Technology (CMT) to Co-host MOGP (Myanmar Oil, Gas & Power) Summit on 28 - ...
Wednesday, 15 February 12
HBA FOR FEB 2012, CLIMBS 2.09 PERCENT AND REACHED US$ 111.58 PER TON
COALspot.com - The Indonesian coal reference price for February climbs 2.09 percent to US$111.58 per ton after losing past three months. ...
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- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- PTC India Limited - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Economic Council, Georgia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
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