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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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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
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- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
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