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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, 13 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The current sentiment in the dry market resembles memories from the end of 2008, when the Baltic Dry Index closed at the level of 663 points on Dece ...
Sunday, 12 February 12
INDONESIA HAS ISSUED A REGULATION TO BAN THE EXPORT OF UNPROCESSED MINERALS AND METALS BY 2014
COALspot.com - The Indonesian government has finally issued a ministerial decree (7 Year 2012 dated 6 February 2012) to ban the export of unpro ...
Sunday, 12 February 12
THE BALTIC DRY INDEX CLIMBS 10.51%
COALspot.com - "The markets touched record lows not seen since mid 80’s. However there was some good news with signs of market recovery a ...
Saturday, 11 February 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY
The week was highlighted with intense worries in the eurozone for Greece to secure its second bailout of $130billion by applying a ...
Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
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- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
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