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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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Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
Friday, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
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- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- The University of Queensland
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
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