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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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Saturday, 04 February 12
SUPRAMAX DELIVERY SOUTH CHINA FOR TRIPS VIA INDONESIA WERE REPORTED AROUND $ 6,000 PER DAY - VISTAAR
COALspot.com - The markets continued to soften which dropped by almost 11 pct and BDI closing at 647 points.
The drop in BDI was mainly due to dr ...
Thursday, 02 February 12
NO RELIEF YET FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although at the start of 2012 nobody can claim that the global seaborne trade has suddenly come to a halt, quite the contrary, it seems that the dry ...
Wednesday, 01 February 12
KRISHNAPATNAM PORT - GOING DEEP TO SOAR HIGH
COALspot.com - Krishnapatnam Port now rightfully claims as the deepest draft port in India, as it has started accepting vessels with maximum permiss ...
Wednesday, 01 February 12
IN JAMBI, MOST MINING COMPANIES LACK 'CLEAR-AND-CLEAN' PERMITS - JP
More than three-quarters of the 386 mining companies in Jambi lack “clear-and-clean” certifications from the government, according to an ...
Wednesday, 01 February 12
2% OF IBPS TOTAL CONCESSION AREA CONTAINS TOTAL COAL RESOURCE OF 56.1 MILLION TON
COALspot.com - PT. Britmindo, a mine consulting firm, has finalized PT. Insani Bara Perkasa (IBP) first JORC (Joint Ore Reserves Committee) res ...
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- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Parliament of New Zealand
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
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