Todd Boehly Makes a Play for International Assets -2-

2348 GMT - Genesis Energy raising equity appears increasingly likely to Forsyth Barr. "To achieve its goals, Genesis needs capital," says analyst Andrew Harvey-Green. Genesis estimates it will generate NZ$1.3 billion of free cash across FY 2026-FY 2028. Most of this is committed to existing capex needs, dividends and growth projects under construction. Forsyth Barr says Genesis faces a funding gap of some NZ$600 million for near-term development options. "An equity raise is clearly being considered as it was listed as a funding option, and in our view has several advantages over the alternatives," Forsyth Barr says. Those alternatives include signing offtake agreements, selling assets, or forming joint ventures. (david.winning@wsj.com; @dwinningWSJ)

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Channel Infrastructure's Pipeline Deal Gets Tick -- Market Talk

2336 GMT - Forsyth Barr is upbeat about Channel Infrastructure's A$14.2 million purchase of a 25% stake in the Somerton Pipeline in Australia, even though the deal doesn't materially move the dial. "There is potential upside from higher throughput volumes due to Melbourne Airport volume growth and debottlenecking the current supply chain, which would increase the use of the Somerton pipeline," says analyst Andrew Harvey-Green. Forsyth Barr's price target moves up by 2.2% to NZ$2.83/share. Channel Infrastructure is down 0.7% at NZ$2.77. (david.winning@wsj.com; @dwinningWSJ)

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Steelmaking Coal Price Signal Knocked by China Import Shift -- Market Talk

2302 GMT - There's more to the pullback in metallurgical-coal forward prices than seasonal drivers, Panmure Liberum analysts say in a note. They say that "despite feeding into the profoundly seasonal iron ore/steel industries of Asia, the global met-coal trade itself is only very weakly seasonal." The analysts think the recent dive in forward prices might be linked to China's shift away from Australian cargoes to ex-seaborne supply from Russia and Mongolia. China's "modest import dependency is a key factor," they say, adding that its "ongoing, proactive restructuring of those import flows is now distorting/undermining broader price action." The analysts say they also suspect multiple Australian mine sales in recent years have undermined price stability. Weakness in thermal-coal prices is likely a drag, too. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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(END) Dow Jones Newswires

November 27, 2025 07:46 ET (12:46 GMT)