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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, 18 November 11
MMTC SEEKS 1.365 MMT OF IMPORTED COAL
COALspot.com - India's MMTC, the largest trading company of India and a major trading company of Asia, has issued a term supply tender for 1.365Mt ...
Friday, 18 November 11
KPC, ARUTMIN OUTPUT REACHED 47.1 MIO TONS - INSIDER STORIES
PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, reported 47.1 million tons of coal production in 9M 2011, according to Indiser Stories.
Insi ...
Friday, 18 November 11
THE ATLANTIC SUPRAMAX MARKET EXPERIENCED A STEADY AND FIRM TENDENCY
Handy
The Atlantic Supramax market experienced a steady and firm tendency this week. Especially the North Atlantic and Mediterranean position ...
Friday, 18 November 11
BERAU COAL 9M PROFIT SOARS 194.46% - INSIDER STORIES
Insider Stories reported that, PT Berau Coal Energy Tbk (BRAU), which is 84.7% owned by Bumi Plc, reported a 194.46% jump in net profit by end of Se ...
Thursday, 17 November 11
DRY BULK MARKET INCHES FORWARD AND INTO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market edged higher yesterday, on the back of stronger demand for Capesize vessels and general improvement of sentiment on most of the ...
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- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
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