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Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
 Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal operations beyond Indonesia, Fitch Ratings says. GEAR's Positive Outlook reflects our expectation that the company, primarily through its 67%-owned coal-mining subsidiary, PT Golden Energy Mines Tbk (GEMS, B+/Positive), will be able to successfully continue its production ramp-up to a level commensurate with the profile of a 'BB-' rated entity over the next 12-18 months.
The completion of the potential acquisition, depending on the effective ownership GEAR is able to secure, can potentially hasten the company's improvement in scale and diversity and thereby increase the likelihood of an upgrade in GEAR's ratings. Fitch is likely to upgrade GEAR's ratings if it is able to maintain a production volume of more than 30 million tonnes (mt) per annum, which we expect the company to achieve by 2020. Production increased to about 16 mt in 9M18 from about 10 mt in 9M17.
GEAR signed an agreement on 16 November 2018 to purchase 19.9% of the shares of Australia-based Stanmore from one of its shareholders for USD35 million. GEAR has also made a takeover bid for the remainder of Stanmore shares through a 51%-owned subsidiary, Golden Investments. The transaction will be restructured such that Golden Investments will hold 100% of Stanmore eventually, which will result in GEAR effectively owning 51% of the Australian company. GEAR expects a net cash outflow of around USD90 million for its effective share of the acquisition. It plans to fund the acquisition primarily from bond issue proceeds, which it raised in February 2018.
Stanmore expects to produce about 2 mt of coal in the financial year ending June 2019 (FY19), most of which is coking coal from its Australian mines, which generates considerably higher cash profits per tonne of coal than GEAR's current production. Stanmore generated EBITDA of USD27 per tonne in the 12 months to June 2018 compared with GEMS's USD11 per tonne. GEAR reported proportionate consolidated EBITDA of USD120 million during the 12 months ended June 2018 while Stanmore expects EBITDA to increase from USD35 million in FY18 to USD94 million-108 million in FYE19.
We expect GEAR's financial profile to continue to remain strong even after the proposed acquisition, with net debt to EBITDA remaining at or below 1x (9M18: 0.6x). In our view, Stanmore's net cash position, steady earnings and absence of any large capex in the near term will support GEAR's financial profile after the acquisition. However, plans for increasing Stanmore's feeble proved (1P) reserves (end-June 2018: 9.1 mt) may have an impact on GEAR's rating over the medium term although the company's 2P reserves (proved and probable) remain adequate at 115.1 mt.
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Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
Wednesday, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
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- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
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