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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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Sunday, 22 January 12
FREIGHT MARKET DROPPED TO THE LOWEST LEVEL SINCE 2008
COALspot.com - "The markets continued to soften almost reaching 2008 levels breaking the 1,000 point mark", said Capt. Reddy of Vistaar Sh ...
Saturday, 21 January 12
ASIAS PREMIER COMPREHENSIVE OPEN CUT MINING CONFERENCE SCHEDULED FOR FEBRUARY 2012
As the only such conference in the region for miners and service providers, IBC Asia’s Open Cut Mine Planning & Operational Excellence con ...
Saturday, 21 January 12
COAL MARKETS CELEBRATES A DECADE OF BRINGING BUYERS & SELLERS TOGETHER
In 2012, IBC Asia’s premier Coal Markets conference series – Asia’s only globally focused coal import, export and supply chain eve ...
Saturday, 21 January 12
SAMIN TAN COMPLETES BUMI PLC TAKEOVER - INSIDER STORIES
Insider Stories reported that, Indonesian coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN), that is controlled by stellar businessm ...
Thursday, 19 January 12
SOUTHGOBI RESOURCES SELLS MORE THAN FOUR MILLION TONNES OF COAL IN 2011, 58% MORE THAN 2010
COALspot.com - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) has successfully complets year 2011 on guidance in terms of coal sales and production.
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- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
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- Simpson Spence & Young - Indonesia
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- Bayan Resources Tbk. - Indonesia
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- Parliament of New Zealand
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- Planning Commission, India
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- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
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- India Bulls Power Limited - India
- Heidelberg Cement - Germany
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
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- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
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- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Australian Coal Association
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- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
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- Eastern Coal Council - USA
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- Energy Development Corp, Philippines
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- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
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- Star Paper Mills Limited - India
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- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
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- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
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- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
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- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
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