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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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Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
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Showing 1391 to 1395 news of total 6871 |
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- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
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