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Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cycles have created ‘winners’ and ‘losers’ in the last few years of M&A activity in the coal sector.
Since commodity prices tend to move in cycles, one of the biggest challenges that industry stakeholders face is determining the ‘fair value’ of assets (which is essentially derived from future cash-flows). In order to do this, CRU has noticed that the biggest hurdle lies in identifying the current position in the commodity cycle. Moreover, it appears that parties often place too heavy an emphasis on prevailing prices. This has led to companies either significantly under- or over-valuing coal assets in recent years.
Sellers are the industry ‘winners’ of 2018…
Historically, the coal industry has not been renowned for maintaining supply discipline and high margins have usually resulted in a push to ramp up supply, through both brownfield/greenfield expansions and M&A activity. Today, however, environmental concerns mean that new thermal coal investments are largely off the table, although the push towards increased supply in the metallurgical coal sector is still alive and kicking.
The benchmark Premium HCC spot price averaged $206 /t, FOB Australia in 2018, the highest annual average price since 2011, and margins for most seaborne metallurgical coal producers have been very strong. This has encouraged some to look to acquire more volume (e.g. Glencore), while other producers have divested coal assets as part of a strategic repositioning (e.g. Rio Tinto). Other companies that previously produced mostly thermal coal have also acquired metallurgical coal assets (e.g. Adaro). Meanwhile, mid-tier producers, such as Whitehaven Coal, have also acquired new assets as part of their growth strategies.
Source: CRU
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Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- The University of Queensland
- Minerals Council of Australia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
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