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