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Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
 COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s second largest coal producer, Adaro Energy has recorded lower production, lower strip ratio, lower than expected fuel costs, lower freight and handling costs and continue to implement cost efficiency measures to challenge the current world’s low coal price trend for the nine months period to September 2015.
The world’s low coal prices affected the company’s core earnings. According to company’s press release, the Adaro’s core earnings decline 21% to US$228 Million year over year for the nine months period to September 2015.
The report further noted that, Adaro is still anticipating market conditions to continue to be difficult for the rest of the year and demand growth will remain sluggish and prices will continue to be in a descending mode for the rest of the year.
The miner’s coal cash cost (excluding royalties) declined 13% to US$28.61 per tonne, which is below company’s guidance of US$31 – 33 per tonne. In the meantime, the fuel cost, a significant component of company’s coal cash cost, decreased by 39% to the low US$0.50s per liter, the report says.
The company has also hedged about one third of company’s annual fuel requirements through fuel swaps at prices below the budget company set for 2015, which helps the company to keep the coal cash cost under control.
The company also said, the royalties paid to the Government of Indonesia in 9M15 decreased 18% to US$217 million, in-line with the lower revenue. Royalties accounted for 13% of the company’s total cost of revenue in 9M15.
According to press release, the Adaro has booked 19% lower Operational EBITDA at US$568 million in 9M15 due to the lower revenue. However, the company said, “We maintained a solid Operational EBITDA margin of 27% in 9M15. Our Operational EBITDA excludes a US$7 million reversal of provision for other receivables related to a non-coal investment. We are on track to achieve our 2015 Operational EBITDA guidance of US$550 million to US$800 million.”
According to press release, the prolonged cyclical downturn of coal further supports company’s strategy of developing its non-coal mining businesses and moving downstream into power. Coal mining, mining services and logistics, and power form the three engines of growth for Adaro.
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Tuesday, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
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- International Coal Ventures Pvt Ltd - India
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- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
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- Directorate General of MIneral and Coal - Indonesia
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- PowerSource Philippines DevCo
- The University of Queensland
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
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- Banpu Public Company Limited - Thailand
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- Ceylon Electricity Board - Sri Lanka
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- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
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- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
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- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
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- Kaltim Prima Coal - Indonesia
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- Uttam Galva Steels Limited - India
- Planning Commission, India
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- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
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- TeaM Sual Corporation - Philippines
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- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
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- Independent Power Producers Association of India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
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- Thiess Contractors Indonesia
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- CIMB Investment Bank - Malaysia
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- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Port Waratah Coal Services - Australia
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- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
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- Standard Chartered Bank - UAE
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