The Globalization of Steam Coal Markets and the Role of Logistics: An Empirical Analysis

In this paper, we provide a comprehensive multivariate cointegration analysis of three parts of the steam coal value chain - export, transport and import prices. The analysis is based on a rich dataset of international coal prices; in particular, we combine data on steam coal prices with freight rates, covering the period December 2001 until August 2009 at weekly frequency. We then test whether the demand and supply side components of steam coal trade are consistently integrated with one another. In addition, export and import prices as well as freight rates for individual trading routes, across regions and globally are combined. We find evidence of significant yet incomplete integration. We also find heterogeneous short-term dynamics of individual markets. Furthermore, we examine whether logistics enter coal price dynamics through transportation costs, which are mainly determined by oil prices. Our results suggest that this is generally not the case

SpeX Spectroscopy of Mercury: 0.8 – 5.2 <i>µ</i>m

AbstractSpectra of Mercury were obtained at the Infrared Telescope Facility on Mauna Kea, HI using SpeX. There is no indication of any absorption feature associated with FeO in Mercury’s regolith. There is a 5μ m excess in thermal flux similar to that observed from the Kuiper Airborne Observatory (KAO) using HIFOGS. Spectra from varying locations do exhibit different slopes and flux indicating different surface temperatures at different locations.</jats:p

Spectral emissivity measurements of Mercury's surface indicate Mg- and Ca-rich mineralogy, K-spar, Na-rich plagioclase, rutile, with possible perovskite, and garnet

Mid-infrared 2-D spectroscopic measurements from 8.0 to 12.7 gm of Mercury were taken using Boston University's Mid-Infrared Spectrometer and Imager (MIRSI) mounted on the NASA Infrared Telescope Facility (IRTF) on Mauna Kea, Hawaii, 7-11 April 2006. Measurements reported here cover radar bright region C, a dark plains region west of Caloris Basin, and the interior of Caloris Basin. By use of spectral deconvolution with a large spectral library composed of many mineral compositions and grain size separates, we fitted, or "unmixed", the Mercury spectra. We find mineral suites composed of magnesium-rich orthopyroxene and olivine, Ca-, Mg-, Na-rich clinopyroxene, potassium feldspar, and Na-bearing plagioclase feldspar. Both Ca- and Mg-rich garnet (pyrope and grossular, respectively) are apparently present in small amounts. Opaque minerals are required for spectral matching, with rutile (TiO2) repeatedly providing the "best fit". However, in the case of the radar bright region C, perovskite also contributed to a very good fit. Caloris Basin infill is rich in both potassium feldspar and Na-rich plagioclase. There is little or no olivine in the Caloris interior smooth plains. Together with the high alkali content, this indicates that resurfacing magmas were low to intermediate in SiO2. Data suggest the dark plains exterior to Caloris are highly differentiated low-iron basaltic magmas resulting in material that might be classified as oligorclase basalts. (C) 2009 Elsevier Ltd. All rights reserved</p

A Set of Laboratory Analogue Materials fort he MERTIS Instrument on the ESA BepiColombo Mission to Mercury

The MERTIS (Mercury Thermal Imaging Spectrometer) instrument on the ESA mission BepiColombo will study the surface of Mercury in the wavelength range from 7 to 14 μm. The analysis of the MERTIS data will be posing a number of significant challenges. To facilitate the development of analytic tools, support planned ground based observations and support a cross calibration with other instruments on BepiColombo and MESSENGER, a list of Mercury analogue materials was compiled [1]. This set of analogue materials is based on our current knowledge of the surface composition of Mercury and includes plagioclase and potassium feldspars, low Ca and high Ca pyroxenes, olivine, elemental sulfur and as an extraterrestrial analogue a lunar highland soil sample

Whole-disk spectrophotometric properties of Mercury : Synthesis of MESSENGER and ground-based observations

Disk-integrated and disk-resolved measurements of Mercury's surface obtained by both the Mercury Dual Imaging System (MDIS) and the Mercury Atmospheric and Surface Composition Spectrometer (MASCS) onboard the MErcury Surface. Space ENvironment, GEochemistry, and Ranging (MESSENGER) spacecraft were analyzed and compared with previous ground-based observations of Mercury at 11 wavelengths The spectra show no definitive absorption features and display a red spectral slope (increasing reflectance with increasing wavelength) typical of space-weathered rocky sui faces The MDIS spectra show evidence of phase reddening, which is not observed in the MASCS spectra The MDIS spectra are commensurate with ground-based observations to within 10%, whereas the MASCS spectra display greater discrepancies with ground-based observations at near-infrared wavelengths The derived photometric calibrations provide corrections within 10% for observations taken at phase angles less than similar to 100 degrees The derived photometric properties are indicative of a more compact regolith than that of the lunar surface or of average S-type asteroids The photometric roughness of the cur face is also much smoother than the Moon's The calculated geometric albedo (reflectance at zero phase) is higher than lunar values The lower reflectance of immature units on Mercury compared with immature units Oil the Moon, in conjunction with the higher geometric albedo, is indicative of more complicated grain structures within Mercury's regolith.</p