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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, 24 December 11
CHINAS LEVEL OF GROWTH TO DETERMINE COURSE OF DRY BULK MARKET IN 2012 SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest report, shipbroker Intermodal attempted to find a silver lining in the tough year that was 2011, as well as what one could expect from ...
Friday, 23 December 11
SPOT PACIFIC CAPESIZE VESSELS HAVE COMMANDED HIGH PREMIUMS - FEARNLEYS
Handy
Rates in the Atlantic kept stable from last week, with a touch of negativity closer to the end. Less spot cargoes seen, and owners are ...
Friday, 23 December 11
CONTENTIOUS ISSUES IN CONTRACT RENEGOTIATION - THE JAKARTA POST
The government has been renegotiating mining contracts, especially those 30-40 years old, with almost all mining companies, including PT Freeport In ...
Friday, 23 December 11
LANCO JOINS HANDS WITH BUKIT ASAM FOR INDONESIAN POWER PROJECT
COALspot.com - PT Tambang Batubara Bukit Asam, Indonesia's state owned coal miner and Indian based Lanco Infratech Ltd plans to build steam power p ...
Thursday, 22 December 11
RI WILL NOT PLAY CATCH-UP WITH GLOBAL COAL DEMAND - THE JAKARTA POST
The Jakarta Post reported that, the International Energy Agency (IEA) has predicted in its Coal Market Report 2011 that over the next five years, gl ...
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- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- The University of Queensland
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
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