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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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Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
Friday, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
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- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- The University of Queensland
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Planning Commission, India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- White Energy Company Limited
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