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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, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
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- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Economic Council, Georgia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Australian Coal Association
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Planning Commission, India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
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