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Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
 COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Brazil's Vale S.A. (BBB/Negative) could strengthen its business profile.
Fortescue on 8 March 2016 said it has entered into a non-binding MOU with Vale. The agreement proposes the formation of one or more joint ventures (JVs) for the blending of selected volumes of iron ore from both companies. It also provides a framework for the potential investment by Vale in Fortescue through an acquisition of a minority equity stake on the market and / or investment in current or future mining assets.
Fortescue should benefit from stronger earnings if the proposed JVs with Vale are established, as the company says it could result in up to 30% of its annual output being blended with Vale's high-grade ore, creating a premium product to be sold in China. Fortescue expects JV operations to start as soon as in six months, provided that the MOU receives the requisite approvals from the boards of both companies and regulatory bodies.
Fitch expects Vale could also benefit from this agreement because Fortescue's ores, although lower in grade, have low impurities and strong sintering capabilities. The blend is likely to have stronger demand than if the individual ores are sold separately. The blend should also benefit from Fortescue's lower cost of producing and delivering iron ore into China. However the overall benefit to Vale's larger earnings base is likely to be lower than for Fortescue.
Fortescue's lower production and delivery costs for China are due to significant improvements in its C1 cash production costs over the last 24 months, as well as lower shipping costs because Fortescue is located closer to China - the main market for both companies. However some of Fortescue's cost advantage is offset by the higher quality of Vale's ores, which have a higher grade and lower moisture content, and Vale's sale of value-added products, such as iron ore pellets, which fetch premium prices.
Fitch estimates that at end-December 2015, Fortescue delivered iron ore to China at a cost of USD30/ton after adjusting for moisture and iron ore grade, but before accounting for interest costs and capex. Vale's comparable cost is around USD32/ton. However the gap widens in favour of Fortescue if interest costs and capex are included.
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Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
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- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
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