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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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Friday, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
Tuesday, 07 February 12
DRY BULK MARKET FINALLY STOPS DECLINE, POSTS FIRST RISE IN MORE THAN A MONTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After falling to near record lows, not seen since the mid-80s the dry bulk market has finally stopped its path to "hell", with the industr ...
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- Australian Coal Association
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- Global Green Power PLC Corporation, Philippines
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- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
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- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
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- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
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- Kepco SPC Power Corporation, Philippines
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- Parliament of New Zealand
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- White Energy Company Limited
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- Romanian Commodities Exchange
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- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
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- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Planning Commission, India
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- Wilmar Investment Holdings
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- Meenaskhi Energy Private Limited - India
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- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
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- Karbindo Abesyapradhi - Indoneisa
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- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
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- MS Steel International - UAE
- Economic Council, Georgia
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- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- The University of Queensland
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- Standard Chartered Bank - UAE
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- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
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