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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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Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
Monday, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
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Showing 1436 to 1440 news of total 6871 |
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- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- The University of Queensland
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
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