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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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
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