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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, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Planning Commission, India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
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