We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 1411 to 1415 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
|
| |
| |
|
