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