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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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Thursday, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
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- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
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