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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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Wednesday, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
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- Economic Council, Georgia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- White Energy Company Limited
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
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