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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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Wednesday, 16 November 11
A STRONG WEEK FOR THE CAPES - BRS
A sharp bounce by the Cape market pushed the BDI up by 3% last week. This was despite a softening in the other indices with the Panamax, Supramax an ...
Monday, 14 November 11
BORL SEEKS 660K MT OF LOW SULPHUR COAL
COALspot.com - BORL India has issued a tender for around 660,000 MT of 4500 - 5500 kcal/kg sub-bituminous Coal.
Bharat Oman Refineries Ltd ...
Sunday, 13 November 11
BUNKER PRICES REMAINED FIRM
COALspot.com - The market seemed to recover this week with the BDI and Cape Index up.
The BDI was up by only about 2.86 pct closing at 1835 point ...
Saturday, 12 November 11
COALINDO ENERGY LAUNCHED INDEX FOR 3400 GAR COAL
COALspot.com - PT Coalindo Energy, in cooperation with Argus Media Limited, launched the coal index for low-rank coal with a calorific value of 3,40 ...
Saturday, 12 November 11
BBJ WILL RELEASE A COAL CONTRACT
Jakarta Futures Exchange will soon release a coal futures contracts during the quarter 1 / 2012.
Director of the Jakarta Futures Exchange (BBJ) S ...
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- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
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