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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 $206 /t, FOB Australia in 2018, the highest annual average price since 2011, and margins for most seaborne metallurgical coal producers have been very strong. This has encouraged some to look to acquire more volume (e.g. Glencore), while other producers have divested coal assets as part of a strategic repositioning (e.g. Rio Tinto). Other companies that previously produced mostly thermal coal have also acquired metallurgical coal assets (e.g. Adaro). Meanwhile, mid-tier producers, such as Whitehaven Coal, have also acquired new assets as part of their growth strategies.
Source: CRU
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Thursday, 16 May 19
SUPRAMAX: INDO/CHINA COAL RV TRADING AROUND US$ 9,000 BSS S.CHINA DELIVERY - FEARNLEYS
Capesize
This volatile segment is trying to find a clear direction from the present US$ 12,000/day earnings for standard units says Fearnleys W ...
Wednesday, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
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Showing 1401 to 1405 news of total 6871 |
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- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
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