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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, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K 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 ...
Tuesday, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
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- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Australian Coal Association
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- MS Steel International - UAE
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
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