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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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Monday, 05 December 11
SGX LAUNCHED IHS MCCLOSKEY/XINHUA INFOLINK OTC CFR SOUTH CHINA COAL CONTRACT TODAY
COALspot.com - In order to meet the demand of the coal industry for an effective coal hedging tool with counterparty credit risk mitigation facility ...
Monday, 05 December 11
DRY BULK RATES LOOKING TO EXTEND GAINS THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize dry bulk carrier owners have had a great week, with rates rising for six straight sessions (including the end of the week before that). As ...
Sunday, 04 December 11
SUPRAMAX TRIPS VIA INDONESIA WERE REPORTED AROUND $ 7500 - 8000 PD
COALspot.com - The BDI and Cape index recovered this week. The BDI was up by 3.26 pct and Cape index saw a big jump and closed at 3409 points (up by ...
Saturday, 03 December 11
BORNEO TO SPEND US$600 MIO CAPEX - INSIDER STORIES
Insider Stories reported that, Coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN) plans to spend US$600 million capital expenditure ( ...
Friday, 02 December 11
DRY BULK CARRIERS BACK IN THE SPOTLIGHT AS MARKET SPEEDS UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the tanker and container markets suffering dearly, it seems that the tide has once again turned in favor of the dry bulk carriers, despite over ...
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- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- White Energy Company Limited
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
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