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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, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
Monday, 16 January 12
BUMA MINED 2.7 MILLION TONS COAL LAST MONTH
COALspot.com - BUMA has mined 2.7 million tons (-14.1% YoY) coal last month and removed 25.8 million bcm (-5.6% YoY) overburden, according to compan ...
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- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
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