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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, 01 December 11
DRY BULK MARKET RISES TO NEW HEIGHTS ON RENEWED DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on rising this week, with the industry’s benchmark, the Baltic Dry Index (BDI) climbing to 1,846 points on Wednes ...
Tuesday, 29 November 11
SOUTH AFRICAN COAL INTO CHINA, THE ACTIVITY WAS SLOW - BRS
Capesize
The Capesize market in Atlantic stayed pretty firm last week with transatlantic rounds being fixed in the high twenties. Sentiment was les ...
Tuesday, 29 November 11
GOLDEN GATE BRIDGE OF INDONESIA COLLAPSED AT KUKAR, EAST KALIMANTAN
COALspot.com - A suspension bridge in Indonesia’s east Kalimantan province over the Mahakam river collapsed on Saturday, killing at least elev ...
Tuesday, 29 November 11
BUKIT ASAM SCOUTS RP3 TRILLION PROFIT - INSIDER STORIES
The state-controlled coal miner PT Bukit Asam Tbk (PTBA) expects to post a Rp3 trillion net income this year, reaching its target which is 50% above ...
Tuesday, 29 November 11
DRY BULK MARKET BEGINS WEEK ON HIGHER NOTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Contrary to what had been the case during the past few weeks, this one began on a high note for the dry bulk market, with the Capesize sector pullin ...
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- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Eastern Energy - Thailand
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
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