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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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Saturday, 12 May 12
THE SHIPPING MARKET IS UNLIKELY TO SEE A REBOUND ANYTIME SOON - VISTAAR SINGAPORE
COALspot.com - The BDI softened this week and it was down by 1.64 pct closing at 1,138 points.
The cape index was up by 2.41 pct closing at 1,61 ...
Friday, 11 May 12
POLITICAL CHANGES COULD LEAD TO TEMPORARY HALT IN SHIPPING INVESTMENTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The potential of changes of political leadership in many of the world’s leading economies could very well lead to significant shifts in the di ...
Thursday, 10 May 12
DRY BULK ERRATIC ON LACK OF DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept up its erratic behavior as it went down again during yesterday’s session, on a lack of direct guidance in terms o ...
Wednesday, 09 May 12
COAL INDIA SIGNS FSAS WITH 13 POWER UNITS SO FAR - PTI
Press Trust of India has reported that, coal India has so far entered into fuel supply pacts with 13 power units, including Reliance Power's Rosa P ...
Tuesday, 08 May 12
DRY BULK MARKET LOOKING FOR NEW DIRECTION THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) the main benchmark of the dry bulk shipping industry not traded at the start of this week, traders, charterers and s ...
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- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
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