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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, 01 January 12
IS INDIA FOLLOWING INDONESIA TO STANDARDIZE COAL PRICES TO GET MAXIMUM BENEFITS?
COALspot.com - Coal India limited, an Indian state owned and world largest coal producer has introduced gross calorific value (GCV) based pricing me ...
Saturday, 31 December 11
GLOBALCOAL NEWC INDEX SURGED 2.32 PERCENT
COALspot.com - globalCOAL index in Newcastle Port, benchmark for Asian market, ended substantially higher, surged 2.32 percent to US$115.47 per ...
Saturday, 31 December 11
BORNEO LUMBUNG TO BUY BUMI STAKE, SWAP CEO - THE JAKARTA GLOBE
The Jakarta Globe, one of the leading english news paper in Indonesia reported yesterday, shareholders of Indonesian coking coal miner Borneo Lumbun ...
Friday, 30 December 11
CENTRAL GOVERNMENT SHOULD ISSUE PERMITS - THE JAKARTA POST
The Jakarta Post reported that, business associations from both the palm oil and mining sectors have suggested that the central government should re ...
Thursday, 29 December 11
NEW VESSELS DELIVERED ARE FLOODING THE OCEANS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As expected 2011 has been the year that newbuilding deliveries peaked and kept "flooding" the market, thus supressing freight rates and er ...
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- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
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