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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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Wednesday, 11 April 12
DRY BULK MARKET STILL SUBDUED, RECOVERY NOT YET SEEN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market entered the new week after the past days of easter holidays in western countries in a subdued mood. The industry’s benchma ...
Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with ...
Sunday, 08 April 12
CHARTER RATES COULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI was almost at same levels closing slightly lower by 0.64 pct at 928 points.
The Cape index was up by 6.73 pct closing at ...
Friday, 06 April 12
INDONESIAN HBA FALL TO LOWEST LEVEL SINCE JANUARY 2011
COALspot.com - Indonesian HBA fall to lowest level since January 2011 this month. The monthly coal reference price for coal sales in April fal ...
Friday, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
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- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
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