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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, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
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- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
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