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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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Sunday, 18 March 12
BUKIT ASAM'S NET PROFIT IN 2011 ROSE 54% TO US$ 339.56 MILLION
COALspot.com - Company revenue for the period January - December 2011 amounting to Rp 10.6 trillion (approximately US$ 1,164,835,164.84) recorded an ...
Saturday, 17 March 12
THE FREIGHT RATES FOR INDONESIA TO INDIA REMAINED FIRM - VISTAAR SINGAPORE
COALspot.com - The market continued to be firm and all segments were up except for Cape Index which was down by 2.46 pct closing at 1,466 points.
...
Saturday, 17 March 12
INDIAN GOVT FINALIZES DRAFT BILL FOR COAL REGULATOR - PTI
The coal sector would soon get a regulator as the government has finalised a draft bill for the purpose, Coal Minister Sriprakash Jaiswal said Wedne ...
Friday, 16 March 12
THE PACIFIC MARKET IS FIRMING UP - FEARNLEYS AS
Handy
A slightly positive trend was seen last week in the Atlantic. Skaw-Passero deliveries fixed around USD 3k to US Gulf, while US Gulf deliveres ...
Thursday, 15 March 12
RAINS AVERAGE SELLING PRICE OF COAL WENT UP BY 22 % IN 2011
COALspot.com - PT. Resource Alam Indonesia Tbk, an Indonesian CCoW (3rd Generation) holder reported Wednesday a 171 percent increase in net profits ...
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- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- White Energy Company Limited
- Minerals Council of Australia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
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