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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, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
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- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
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