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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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- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Indika Energy - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- VISA Power Limited - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
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