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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, 10 January 12
THE 4TH DEEPWATER ASIA CONGRESS 2012 WILL KICK OFF ON MAY 23 - 25
Press release - Based on the past three years’ success, SZ & W Group is excited to announce the 4th Deepwater Asia Congress will be held o ...
Monday, 09 January 12
2012: WHAT WILL IT BRING FOR THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A further increase in dry bulk demand could be the remedy for most of the industry's oversupply issues, together of course with the high level of s ...
Sunday, 08 January 12
ICICI OUTLOOK ON INDIAN POWER, MINING,CEMENT, AND SHIPPING SECTORS PERFORMANCE IN 2012
Broking firm, ICICIdirect (India) has come out with report on sectors outlook for 2012. IRIS has collated key highlights for each sector from ...
Sunday, 08 January 12
SUPRAMAX DELIVERY SOUTH CHINA FOR TRIPS VIA INDONESIA WERE REPORTED AROUND $ 7000 PER DAY - VISTAAR
Wish You a Very Happy and Prosperous New year 2012.
COALspot.com - The last report by us was on 16th Dec 2011 and because of holidays this would ...
Sunday, 08 January 12
THARPAK CONSORTIUM FORMED TO DEVELOP MEGA ENERGY COMPLEX IN SINDH PROVINCE, PAKISTAN
Press Release: On January 5th, TharPak, LLC met with officials of the Embassy of Pakistan in Washington DC to introduce and announce the formation o ...
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- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- The University of Queensland
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
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