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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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Friday, 12 April 19
U.S : MORE THAN 7 GW OF COAL-FIRED GENERATION IS SCHEDULED TO RETIRE BY THE END OF 2020 - EIA
EIA estimates that U.S. coal production decreased by 19 million short tons (MMst) (2%) in 2018, totaling 756 MMst.
EIA also expects ...
Friday, 12 April 19
GLENCORE WINS $520 MILLION DEAL TO SELL COAL TO MEXICO - REUTERS
Global trader Glencore has won contracts worth around $520 million to supply 4.94 million tonnes of coal to Mexico, state-run power utility the Fed ...
Thursday, 11 April 19
AUSTRALIAN COAL IN THE FRONTLINE OF CHINA'S SUPPLY GLUT - AUSTRALIAN FINANCIAL REVIEW
Australian coal will be hardest hit as China cuts foreign imports of its key energy source to tackle oversupply, and implements policies favouring ...
Wednesday, 10 April 19
COALTRANS ASIA - TAKE PART IN THE LARGEST COAL EVENT IN THE WORLD!
Take part in the largest coal event in the world!
Coaltrans Asia is back this June bringing together the entire international coal s ...
Wednesday, 10 April 19
KOSPO INVITED BIDS FOR 160K MT OF MIN. 3700 NCV COAL FOR JUNE LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 160,000 MT of min. 3,800 Kcal/kg ~max.4,100 ...
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Showing 1421 to 1425 news of total 6871 |
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- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- The University of Queensland
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
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