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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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Saturday, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
Tuesday, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
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- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
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