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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, 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 ...
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- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
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