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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, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
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Showing 1411 to 1415 news of total 6871 |
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- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Planning Commission, India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Central Electricity Authority - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- VISA Power Limited - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
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