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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, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Bhatia International Limited - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- The University of Queensland
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Planning Commission, India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
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