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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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Thursday, 22 December 11
DRY BULK MARKET KEEPS LOSING TRACTION AHEAD OF HOLIDAY SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept retreating in the middle of the week, as charterers seem to be looking towards the holiday season and the start of the new ye ...
Tuesday, 20 December 11
THE COAL IMPORT INTO CHINA WAS QUIETER AS COAL STOCKS WERE AT HIGH LEVELS - BRS
The BDI ended the week at 1888 points (-1.8%), the BCI corrected to 3572 (-3.4%), the BPI was up at 1,775 (+3.6%), the BSI dropped to 1193 (-3.0%) a ...
Tuesday, 20 December 11
INDIA IMPORTS 66.41 PERCENT MORE COAL FROM INDONESIA LAST MONTH - SOURCES
COALspot.com: Indonesia, the world largest coal exporter, shipped 33.476* mln mt of coal in November, which is slightly higher than its Octobe ...
Monday, 19 December 11
KOPEX COMMITS ADDITIONAL ONE MILLION DOLLAR FOR PT TRANSCOAL MINERGY
COALspot.com - Mining contractor Kopex has agreed to extend a further US$1 million to finance the remainder of the expanded drill program at PT Tran ...
Monday, 19 December 11
PLN WILL NO LONGER BUY COAL FROM TRADERS
COALspot.com - Indonesia's state electricity company PT Perusahaan Listrik Negara will no longer allow traders to become their suppliers, said, its ...
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- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Planning Commission, India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
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