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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, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
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Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
Monday, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
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Showing 1446 to 1450 news of total 6871 |
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- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Australian Coal Association
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
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