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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, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
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Showing 1426 to 1430 news of total 6871 |
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- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
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