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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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Saturday, 07 January 12
COAL MARKETS SEE FALLING SPOT PRICES
COALspot.com – World’s thermal coal spot prices have slipped this week..
globalCOAL index in Newcastle Port, benchmark for Asian mark ...
Friday, 06 January 12
COAL INDIA LINKED COAL PRICES WITH INTERNATIONAL COAL PRICES
COALspot.com - Consumers of indigenous coal in India to pay International prices in the future. Coal India has recently moved from UHV pricing mecha ...
Friday, 06 January 12
CLARIDEN GLOBAL BRINGS YOU INDONESIA MINING 2012
Capitalizing Business & Investment Opportunities in an Uncertain Market.Press Release - Clariden Global brings you Indonesia Mining 2012, the dedi ...
Friday, 06 January 12
THE PANAMAX MARKET EXPERIENCED A SLOW START TO 2012 - FEARNLEYS AS
Handy
As usual after a holiday owners and charterers both try to get a feel of the market. An Armada of Supras were talking to ballast towards USG, ...
Thursday, 05 January 12
DRY BULK MARKET TAKES A PLUNGE OF LOW ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected the first days of the new year are characterized by significantly low chartering across the board of the dry bulk market, pus ...
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- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Planning Commission, India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
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