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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, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
Wednesday, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
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- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- White Energy Company Limited
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
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