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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, 08 March 12
INDONESIA'S COAL SECTOR CAN BENEFIT FROM CLEARER REGULATIONS - FITCH RATINGS
Fitch Ratings says Indonesia's coal mining sector should continue to see strong growth prospects but can benefit from clearer and more predictable ...
Thursday, 08 March 12
DRY BULK MARKET ON THE RISE; CHINAS COAL IMPORTS COULD INCREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on rising back to healthier levels yesterday, with the BDI (Baltic Dry Index) the industry’s benchmark, marking its 8 ...
Wednesday, 07 March 12
INDONESIA COAL BENCHMARK PRICE GAINS FOR SECOND MONTH
COALspot.com - Indonesia raised the monthly coal reference price for sales in March by 1.15 percent, the second increase since February.
The Mini ...
Wednesday, 07 March 12
INDONESIA TO LIMIT FOREIGN OWNERSHIP IN MINES TO 49 PERCENT WITHIN 10 YEARS OF PRODUCTION
COALspot.com - Foreign holders of mining licenses in Indonesia have to divert 51% of their stakes to Indonesian government or domestic entitie ...
Wednesday, 07 March 12
ASSESS ASIAS POTENTIAL, DEVELOPMENTS AND APPETITE FOR SHALE AT SHALE GAS SUMMIT
Press Release - Assess Asia’s Potential, Developments and Appetite for Shale at Shale Gas Summit on 23-24 Apr, 2012 in Beijing
China is rep ...
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- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
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