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Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
 Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's (Adaro Energy) planned investment in greenfield coal miner PT Bhakti Energi Persada (BEP).
Adaro Energy recently signed an agreement for the right to acquire up to 51% of BEP over three years for up to USD500m through a convertible loan or to issue a pre-specified number of shares of Adaro Energy to the shareholders of BEP (participating in this agreement) in exchange for 79.8% of BEP. Adaro Energy currently owns 10.22% of BEP.
BEP has seven coal concessions, all IUPs (Izin Usaha Pertambangans - mining business licences), with estimated Australasian Joint Ore Reserves Committee (JORC)-compliant coal resources of 9.53 billion tonnes. Fitch expects that a large part of the investment required before bringing these resources to production will relate to the coal hauling road connecting the mines to barging and shipping points. Coal resources of BEP are of low energy content (3,379kcal on a gross as received basis) and as such will trade at a substantial discount to benchmark thermal coal prices. However, the favourable geology of BEP mines will allow the extraction of coal at an extremely low strip ratio (i.e., units of overburden to be removed on per unit of coal extracted) over the average life of a mine of below 0.5x as estimated by Adaro Energy, supporting the economic viability of these operations. The materially shorter supply chain of BEP's mines at 130km (versus 320km for Adaro's existing mines) would provide further support.
However, BEP coal mines have substantially lower cash margins than Adaro Energy's currently main cash generating mine, Tutupan, and are more susceptible to low coal prices. There is also uncertainty relating to coal mining regulations in Indonesia at present, such as restrictions on coal exports and a resource export tax. Any unfavourable regulatory developments can affect the commerciality of BEP's operations. However, Adaro Energy's options to invest in rather than an outright purchase of BEP resources provide a meaningful level of flexibility and safety. Fitch believes that any investments in the first half of the three-year option period will not be significant and can be funded from Adaro Energy's projected internal cash generation.
If successfully executed, BEP can over time contribute to the increasing diversity of Adaro Energy's mining operations. The limited diversity of Adaro Energy's existing mine sites is one of the factors currently constraining its ratings.
The ratings of Adaro are based on the credit profile of Adaro Energy given their strong rating linkages as per Fitch's parent-subsidiary linkage methodology. At end-March 2012 Adaro Energy's funds from operations (FFO)-adjusted gross leverage was 2.4x and FFO interest coverage 7.0x.
Negative rating action may result from FFO gross leverage rising above 2.75x or FFO interest coverage falling below 5x for two consecutive years. Other negative rating guidelines are material deviation from its policy of maintaining strong liquidity; adverse regulatory developments that will significantly impair Adaro Energy's financial profile; further substantial investments that weaken Adaro's financial or operating risk profile and a sustained weakening of coal prices.
Source: Fitch (Hong Kong) Limited
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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Planning Commission, India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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