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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, 31 January 12
THERE ARE MANY GOOD REASONS FOR COAL IN GERMANY - DR CIESLIK
COALspot.com - "The year 2011 was again marked by many changes on the markets and energy policies, at times in line with expectations, but at o ...
Tuesday, 31 January 12
DRY BULK MARKET KEEPS FALLING FOR WORST MONTH IN YEARS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market didn't manage to put a halt in its downfall, with the industry's benchmark, the BDI (Baltic Dry Index), posting yet another fa ...
Monday, 30 January 12
CHINA'S HUNGER FOR COAL LEAVES DENT IN PENNSYLVANIA'S SUPPLY - THOMAS LESKIN
With the price of heating oil on the rise, one of Pennsylvania's greatest natural resources - coal - is in high demand, and not just locally.
Et ...
Saturday, 28 January 12
WILL FREIGHT MARKET STABILIZE FROM NEXT WEEK?
COALspot.com - The markets continued to soften with BDI at 663 points down by 15.78 pct closing at 726 points and cape index was down by 5.73 pct cl ...
Friday, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of vessels in most shipping sectors is so intense that it’s become clear to ship owners that unless they scrap as many of their ...
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- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- The University of Queensland
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
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