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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, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
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Showing 1416 to 1420 news of total 6871 |
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- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- The University of Queensland
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Economic Council, Georgia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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