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Tuesday, 17 September 13
ORPHEUS SECURES SIGNIFICANT INFRASTRUCTURE DEAL THROUGH ACQUISITION OF SOUTH KALIMANTAN PORT CAPACITY
 COALspot.com : Orpheus Energy Limited (ASX: OEG) of Australia has today announced that, it has executed a binding agreement with the proprietor of SKJM Port in South Kalimantan, Indonesia to secure exclusive barge loading capacity in excess of 200,000 tonnes per month for a term of 10 years.
According to company's press release, the company has secured exclusive 10 year agreement with SKJM Port operators in South Kalimantan. Initially Orpheus to be responsible for allocation of loading slots for 5 years. The agreement is allowing Orpheus to extend for another 5 years.
Initially around 150,000 tonnes tons of coal to be handled per month through the port and it will increase to around 200,000 tonnes/month (up to 3Mtpa) after port upgrade. First barge to be loaded immediately, according to the company’s note.
Orpheus Executive Chairman, Wayne Mitchell, commented: “We are delighted to announce this highly material infrastructure development which will provide robust cash flows for Orpheus. We have been working on this deal for a significant period of time and the execution of the SKJM Port agreement fundamentally changes our company from a modest producer and seller of coal, to a vertically integrated mining company of significant size.
“Orpheus has continued to progress its strategic objective to manage its entire coal chain from mine mouth to end buyer, and encouragingly, the company now has the capacity to do that. Given challenging market conditions, Orpheus has adapted extremely well to diversify its revenue streams and this agreement, along with our existing mining and trading operations, is another important step in the company working towards its goal of becoming cash flow positive.”
“We are particularly pleased we were able to negotiate a very favourable arrangement with one of our customers to fund the acquisition and development cost and the structure of this deal means we can avoid the dilution of existing shareholders”, he concluded.
Highlights include:
-- Exclusive 10 year agreement with SKJM Port operators in South Kalimantan, initially for 5 years, with an extension for another 5 years at Orpheus’s option
-- Initially 150,000 tonnes/month increasing to 200,000+ tonnes/month (up to 3Mtpa) after port upgrade: First barge to be loaded immediately
-- Orpheus to be responsible for allocation of loading slots
-- First infrastructure deal demonstrating stated vertical integration strategy
-- Strategic infrastructure platform to increase revenues
-- Acquisition and development costs to be funded off balance sheet by local infrastructure investor with principal to be repaid by SKJM Port
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Sunday, 01 December 13
PANAMAX RATES HAVE REBOUNDED - CAPT. REDDY
COALspot.com: The freight market was quite firm last week with all the indices increased. Cape Index was gained highest this week which supports inc ...
Saturday, 30 November 13
NTPC STARTED IMPORTING COAL THROUGH NW1 FOR ITS FARAKKA POWER PLANT
COALspot.com: In a pioneering and path breaking operation, the very first consignment of about 69,060 metric tons of imported coal bought by MV HUAY ...
Friday, 29 November 13
DRY BULK MARKET BACK ON HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is strengthening as a result of higher demand for Capesize vessels. The BDI (Baltic Dry Index) was up by 146 points yesterday, e ...
Wednesday, 27 November 13
DRY SEGMENTS EXCEPTION OF PANAMAXES, REMAINED OVERALL STABLE - INTERMODAL
COALspot.com : The Dry Bulk market closed off the week in the red, albeit the decrease noted was of short scale. With the exception of Panamaxes, th ...
Wednesday, 27 November 13
US WHEAT IMPORTS TO BRAZIL, REACHED A 35 - YEAR HIGH - EVA TZIMA
COALspot.com: As I am going through a number of dry market fixtures reported since the beginning of October, my eyes instinctively stop where they d ...
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- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
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- Banpu Public Company Limited - Thailand
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