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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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Wednesday, 21 October 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In today’s dry bulk market, both freight rates and asset prices are creating mixed feelings to seasoned ship owners, who tend to instinctivel ...
Wednesday, 21 October 15
INDONESIAN COAL MINER BUKIT ASAM POSTS POSITIVE PERFORMANCE DURING FIRST THREE QUARTERS OF 2015
COALspot.com: Indonesian publicly listed and state controlled coal miner PT. Bukit Asam has announced that, the company’s coal sales up 8 per ...
Wednesday, 21 October 15
LOWER DEMAND HIT Q1' 16 INDONESIA COAL SWAPS
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 1.88 (-4.71%) per t ...
Tuesday, 20 October 15
SHIPBROKER SEES CAPESIZE RATES EASILY REACHING $25,000/DAY BY YEAR-END : NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future course of the dry bulk market has been troubling market participants for quite some time now, as the “elusive” freight rate ...
Tuesday, 20 October 15
FOB RICHARDS BAY COAL SWAPS SINK INTO RED THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
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- Chamber of Mines of South Africa
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- Minerals Council of Australia
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- SN Aboitiz Power Inc, Philippines
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- Bangladesh Power Developement Board
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- Australian Coal Association
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- Coal and Oil Company - UAE
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- Africa Commodities Group - South Africa
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- Medco Energi Mining Internasional
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- IEA Clean Coal Centre - UK
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- Renaissance Capital - South Africa
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- Metalloyd Limited - United Kingdom
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- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
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- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
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- Planning Commission, India
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- Ministry of Finance - Indonesia
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- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
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- Petrochimia International Co. Ltd.- Taiwan
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Parliament of New Zealand
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- Kapuas Tunggal Persada - Indonesia
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- Asmin Koalindo Tuhup - Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
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