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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, 15 January 12
THE FREIGHT MARKET CONTINUED TO BLEED - VISTAAR
COALspot.com - "The markets continued to bleed with BDI touching almost 1000 points , almost reaching the collapse of 2008 levels," said C ...
Saturday, 14 January 12
GOLDEN MINES TO SUPPLY 4 MIO TONS - INSIDER STORIES
Insider Stories reported that, Coal miner under Sinarmas Group PT Golden Energy Mines Tbk (GEMS), a subsidiary of PT Dian Swastatika Sentosa Tbk (DS ...
Friday, 13 January 12
DIFFICULT START OF 2012 FOR DRY BULK MARKET SEEN HARD TO CHANGE IN THE COURSE OF THE YEAR, UNLESS DEMOLITION PICKS UP
The dry bulk market has been on a freefall this week after a rocky start to the new year. Yesterday, the BDI (Baltic Dry Index) the industry's benc ...
Thursday, 12 January 12
DRY BULK MARKET CRASHING AT START OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept being on freefall mode yesterday, with the industry's benchmark, the BDI (Baltic Dry Index) losing a massive 5.17% on ...
Wednesday, 11 January 12
NEWBUILDING ORDERS DECLINE, AS SHIP OWNERS REALIZE OVERSUPPLY WILL "KILL" THEM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With 2012 now underway, it will be rather interesting to see how ship owners will play the "newbuilding ordering" card to their favor, as ...
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- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
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