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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, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
Wednesday, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Carbofer General Trading SA - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
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