We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Sunday, 27 May 12
THE FREIGHT MARKET FROM INDONESIA TO INDIA WAS WEAK - VISTAAR
COALspot.com - The BDI continued to fall for the fourth straight week and the BDI fell by 9.38 pct this week closing at 1,034 points.
The Cape Si ...
Sunday, 27 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS HEADING TO SOUTH DIRECTION
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries have dropped this week by 5.43 percent an ...
Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profita ...
Thursday, 24 May 12
DRY BULK MARKET RETREATS ON LACK OF CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated yesterday on the back of lower Chinese demand for commodities such as coal and iron ore, typically hauled by dry bulk ...
Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
|
|
|
Showing 4716 to 4720 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
|
| |
| |
|
