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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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Sunday, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
Saturday, 16 June 12
INDONESIAN SUB-BITUMINOUS COAL & CFR SOUTH CHINA COAL CONTRACT SWAPS ARE UNDER PRESSURE
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for July deliveries seems to be under pressure this week.&nbs ...
Friday, 15 June 12
CAPESIZE - THE LEVELS THAT DID FIX ARE DOWN W-O-W LEVELS - FEARNLEYS
Handy
Another slow-moving market with rates hovering at same level as last week. US Gulf positions fixed USD 25,000 for trips to Cont/Passero and S ...
Thursday, 14 June 12
SMALLER DRY BULK CARRIERS LIKELY TO FACE MORE CHALLENGES; DEMOLITION ACTIVITY SET FOR RECORD YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest update on the dry bulk markets, BIMCO said that China is partly “failing to deliver” on raw material imports that can affe ...
Wednesday, 13 June 12
LOW COAL PRICES COULD CHANGE SUPPLY SIDE DYNAMICS - FITCH RATINGS
Fitch Ratings believes that the weakness seen in thermal coal prices in recent months should reverse once demand from major importers recovers, alth ...
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- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
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