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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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Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- The University of Queensland
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
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