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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, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
Tuesday, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
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- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- The University of Queensland
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
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