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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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Friday, 25 November 11
DISPUTE BETWEEN GIANT MINING FIRMS ENDS IN LAHAT - THE JAKARTA POST
The Jakarta Post reported that, prolonged dispute taking place in the South Sumatra regency of Lahat and involving two giant mining companies PT Buk ...
Friday, 25 November 11
DRY BULK MARKET LOSING STEAM, FAST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It’s been a week of falls for the dry bulk market this one, leaving ship owners with a sour taste in their mouths, as evidence of a recovery i ...
Thursday, 24 November 11
INDONESIA/INDIA SPMX TC AROUND $ 7/8K AND AROUND $ 12/13.00 PMTS ON VOYAGE BASIS - FEARNLEYS
Handy
Last week ended on a positive note in the Atlantic however the activity levels are somewhat reduced. Owners are asking in excess of USD ...
Thursday, 24 November 11
DRY BULK MARKET KEEPS LOSING STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was lower once again on Wednesday, with the industry’s benchmark, the Baltic Dry Index (BDI) ending the session down by 1. ...
Tuesday, 22 November 11
NTPC TO BUY 2 MMT OF IMPORTED COAL FOR ITS FOUR PLANTS
COALspot.com - NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government of India, the largest thermal power generati ...
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- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Australian Coal Association
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
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